Private real estate financing gives assistance to real estate investors who want to pay for, fix up or refinance a home via a short-term loan from a privately owned company or an individual. Contrary to bank loans, Columbus private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed applicants.

This means that even if you don't have a great credit score, you still have a good chance of obtaining private money for a real estate loan as long as your project is presumed to be profitable, you have enough capital to set aside for the down payment, you have shown yourself able in real estate previously, you have substantial equity in the home or property or you have a clear plan to pay off the loan. Besides, if you need a fast closing, you will not see many options better than Columbus private real estate mortgages.

In general, people get a hold of a private mortgage lender in Columbus when:

1. They need money to fix up a property or home and put it up for sale at a higher price or to rent it out for more money.

   As an example, one of our customers owned a duplex. He held plenty of equity in the asset and the rent payments brought in routine monthly income. A few select home improvements would undoubtedly help him increase the cost of rent, but having a bad credit score of 520, it was very likely for a bank to turn down his loan application. Accordingly, he turned to Read Rock Capital to do a cash-out refinance and received financing at 65% LTV.

2. They've got numerous debts and want to consolidate them.

   Numerous debts with a variety of lending rates are very overwhelming and challenging to keep an eye on. As a result, lots of people borrow against their home equity to consolidate each of their outstanding debts into just one manageable payment.

3. They wish to take advantage of their house's existing equity for some other real estate deal.

   One of our borrowers in Hawaii had a home valued at $1M. When he could not find a buyer for his property, he entered into a lease-option-to-buy deal with someone. The cash that stemmed from the rental payments paid for his ongoing mortgage bill, insurance, and taxes. The person furthermore agreed to pay two hundred thousand dollars as an advance payment for a 3-year lease contract. With this collateral to cover the house's foreseeable bills, he discovered a new real estate investment opportunity and approached Read Rock Capital for a private mortgage loan around 70% of the property's valuation. This let him pay an advance on the downpayment for the new investment, and at the same time pay down his current mortgage.

4. The balloon payment for their current private loan is due and they are unable to afford it.

   A real estate investor who currently has an existing private mortgage loan and is unable to afford the balloon payment thanks to a change of circumstances can fill out an application for refinancing from another lending company. A cash-out refinance can help the person make the balloon payment and evade fines.

Are you looking for a private mortgage lender in Columbus to fund your investment purchase? Fill out the form or get in touch with us via phone to talk about your property or properties.