Many real estate investors count on private real estate financing to acquire a new home, or remodel or refinance an existing one. In contrast to loans from banks, Columbus private mortgage loans are fast closing, easy qualifying and offered to self-employed applicants.

This is great for investors since somebody with weak credit can obtain a private money for a real estate loan assuming that he has a promising deal, he has enough cash for a downpayment, he has proven himself capable in earlier real estate investments, and can show a sensible exit strategy. Furthermore, if you are looking for a fast closing, there are no better options than Columbus private real estate mortgages.

Most individuals use Columbus private mortgage lenders when:

1. A rehab or restoration can allow them to sell the house for a much higher price or charge more rent.

   Real example: one of our applicants owned a 2-family rental property. He already retained plenty of equity in the house and the monthly rent generated steady cash flow. He sought to perform some upgrades to the place in order to maintain high rents, but a poor credit score of 520 meant that a bank would undoubtedly turn down the mortgage application. When he got in touch with Read Rock Capital for financing, we were happy to complete a cash-out refinance for 65% of the house's assessed value.

2. They wish to merge each of their financial debts into just one payment.

   The majority of people think it is stressful to make multiple payments on a monthly basis. This is the reason many people make the decision to take advantage of the equity in their residence to merge each of their outstanding debts into one private loan having a lone payment per month.

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

   For instance, one of Island View's customers in Hawaii had a house valued at over a million dollars. Because it was challenging for him to secure a purchaser for the place, he had identified someone that was wanting to lease it with an option to buy. The lease income served to meet his current mortgage, taxes and insurance. The renter furthermore went ahead and paid him two hundred thousand dollars for a deposit for the three year lease contract. Having these sureties to cover the property's financial obligations on a regular basis, he approached Read Rock Capital for a seventy percent loan-to-value private mortgage loan to help with his upcoming real estate investment. Meaning that he was able to make a deposit for his next investment, and also pay down his current mortgage.

4. They need help to satisfy the balloon payment for the current loan.

   If an unanticipated event prevents a borrower from making his balloon payment deadline, he could approach another lender to refinance. A cash-out refinance will help the person complete the balloon payment and escape consequences.

Planning to discuss mortgage options with a private mortgage lender in Columbus? Submit the form on this page or give us a call to talk about your property.