Private real estate financing entails obtaining a short-term mortgage through a private business or individual as a way to purchase, carry out upgrades on or refinance a home or property. In contrast to bank loans, Crowley private mortgage loans are fast closing, easy qualifying and obtainable by self-employed customers.

That means that regardless of whether you have a good credit score, there is still a high likelihood of getting private money for a real estate loan provided that your investment is deemed to be profitable, you have adequate capital to put towards the down payment, you have shown yourself competent in prior real estate ventures, you have sizeable equity in the home or you have a clear plan to pay off the loan. Furthermore, if you're searching for a fast closing, you will not see many alternatives better than Crowley private real estate mortgages.

Frequently, customers rely upon Crowley private mortgage lenders to finance their real estate activities when:

1. They're in search of funds to fix a property and offer it for a much higher price or to rent it out for more money.

   For example, there was this client who owned a two-family rental. He already retained a considerable amount of equity available in the building and the rent checks delivered steady cash flow. He desired to perform some upgrades to the units so that he could keep his rents high, but a below average credit score of 520 meant that a bank would doubtless turn down the mortgage request. When he got in contact with Read Rock Capital to obtain a loan, we were glad to complete a cash-out refinance at 65% of the duplex's value.

2. They want to combine their financial debts.

   The majority of people know how stressful it is to manage multiple payments on a monthly basis. To successfully make the situation more manageable, some people merge all of their unsecured debts into only one loan with only one monthly payment.

3. They want to utilize the existing equity in their current property or home to do a different real estate project.

   For example, a borrower in Hawaii had a property valued at $1,200,000. Since it was challenging for him to find a buyer for his home, he had identified a person who was ready to lease it having an option to buy. The rent amount was more than enough to pay for the cost of his ongoing mortgage bill, property taxes and homeowner's insurance obligations. The tenant additionally gave $200,000 for a non-refundable deposit as he signed the three year contract. Having this collateral to pay for the property's foreseeable financial obligations, he came across another promising investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to 70% of the home's valuation. This gave him plenty of cash to use for a downpayment or his next investment, but also made it easier for him to pay down the current mortgage.

4. They have a previous loan and are unable to pay the looming balloon payment.

   If someone can't make a balloon payment as a result of unforeseen factors, he can attempt to refinance the loan with a new mortgage company. A refinance can help him avoid missing the due date for the balloon payment and prevent any fees and penalties.

Want to discuss your mortgage options with a private mortgage lender in Crowley? Enter your info into the form on this page or call us to talk about the project you have in mind.