Numerous real estate investors go with private real estate financing to buy a new home, or rehab or refinance one they already have. Unlike bank loans, Columbus private mortgage loans are fast closing, easy qualifying and open to self-employed individuals.

That's why, while it's possible you don't have good credit, having a promising real estate opportunity, a considerable downpayment, past real estate experience, and a clear-cut exit strategy are much more relevant when it comes to being qualified for private money for a real estate loan. In addition, the fast closing Columbus private real estate mortgages ensure that you get funding right away, letting you close on a deal within a few short weeks.

Most often, people ask Columbus private mortgage lenders to provide capital for their projects when:

1. They want to remodel or make repairs to the house to be able to offer it at an increased price or to get higher monthly rental fees.

   Real example: one of our clients owned a 2-unit rental property. He'd already built up ample equity available in the asset and the rent was a routine revenue stream. He desired to complete some modifications to the units in order to keep his rents high, but a low credit score of 520 meant a bank would doubtless turn down the loan request. Accordingly, he came to Read Rock Capital to get a cash-out refinance and got financing at 65% LTV.

2. They're stuck with numerous outstanding debts and would like to consolidate them.

   Countless debts with a variety of rates are incredibly overwhelming and difficult to keep track of. To help make the situation more reasonable, some people combine their debts into only one mortgage loan with one payment per month.

3. They want to capitalize on the existing equity available in their current property to work on another project.

   As one example, a client in Hawaii owned a property valued at $1.2M. Since it was challenging for him to get an interested party for the house, he had identified someone who was willing to lease it having an option to buy. The lease payments helped him meet his existing mortgage payment, property taxes and insurance. He also received a $200,000 non-refundable down payment for the 3-year agreement. With the help of this collateral to pay for the house's foreseeable bills, he stumbled on another promising real estate investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to seventy percent of the home's appraised value. This enabled him to pay an advance on the downpayment for his next investment, and at the same time pay down his existing mortgage.

4. They want help to meet the balloon payment for the current mortgage.

   If an unexpected mishap prevents a person from making his balloon payment deadline, he could approach a new mortgage company to refinance. A cash-out refinance can help you make the balloon payment and escape fines.

Want to discuss your mortgage plans with a private mortgage lender in Columbus? Enter your info into the form on this page or give us a call and let's talk about the project you have in mind.