Private real estate financing gives assistance to investors who want to buy, remodel or refinance a property using a short-term mortgage from a private firm or an individual. As opposed to bank loans, Des Moines private mortgage loans close fast, are easy to qualify for and open to self-employed borrowers.

So even if you don't have good credit, having a real estate opportunity showing promise for profits, a considerable down payment, previous real estate experience, and a clear exit strategy are a great deal more relevant when qualifying for private money for a real estate loan. Besides, if you are looking for a fast closing, you won't come across any available alternatives better than Des Moines private real estate mortgages.

In general, people get in contact with a private mortgage lender in Des Moines when:

1. They need to remodel or make repairs to the house so they can offer it at an increased price or to charge higher rents.

   For example, there was this customer with a two-unit rental property. He already retained a considerable amount of equity in the property and the rent brought in a steady cash flow. Some select home upgrades would undoubtedly help him increase his rental prices, but with a low credit score of 520, it was extremely probable for a bank to turn down the loan application. When he got in touch with Read Rock Capital for a loan, we were pleased to complete a cash-out refinance at 65% of the home's value.

2. They would like to consolidate their debts.

   A lot of people find it stressful to manage countless payments on a monthly basis. Because of this, many people decide to take advantage of the equity available in their house to merge all their financial debts into a single private loan with a lone payment per month.

3. They want to take advantage of the existing equity in a current home and property to do a different real estate project.

   By way of example, one of Island View's previous clients located in Hawaii had a property valued in excess of one million bucks. When he could not find a buyer for the property, he agreed to a lease-option-to-buy contract with someone. The lease payments helped him meet his existing mortgage payment, taxes and homeowner's insurance. The person also went ahead and paid $200,000 as a down payment for a 3-year contract. These assurances meant that he did not have to be concerned about the home's future expenses, and as a result, when a new real estate opportunity surfaced, he reached out to Read Rock Capital and got a private mortgage loan at 70% loan to value. This gave him ample cash to put towards a deposit or his next investment, but also made it easier for him to deal with the existing mortgage.

4. They already have a preexisting mortgage and are unable to afford the looming balloon payment.

   If an unexpected incident prevents someone from making his balloon payment due date, he can contact a new lender to refinance. A cash-out refinance helps you make the balloon payment and escape consequences.

Are you looking for a private mortgage lender in Des Moines to finance your investment purchase? Enter your info into the contact form on this page or get in touch with us via phone to talk about your project.