Numerous real estate investors turn to private real estate financing to pay for a new property, or renovate or refinance an existing one. Whereas conventional lenders like banks have a lengthy, drawn out application process and are likely to hesitate to offer money to a self-employed client, private mortgage loans in East Point close fast and are easy qualifying.

So while you might don't have great credit, having a real estate opportunity with promise for profits, a substantial down payment, previous experience, and a well-defined exit strategy are far more relevant in terms of being approved for private money for a real estate loan. What's more, the fast closing East Point private real estate mortgages provide you with financing right away, allowing you to close on a deal within a few short weeks.

Mostly, clients ask East Point private mortgage lenders to lend money for their projects when:

1. They are searching for capital to repair a home and property and offer it at a higher price point or to up the lease amount for tenants.

   As an example, one of our clients owned a twin-home / duplex. He held enough equity available in the property and the rent generated routine income each month. Although several remodeling work to the units could have enabled him to charge higher rent, a bank would definitely have turned down his mortgage request, considering that he had a credit score of merely 520. So he reached out to Read Rock Capital to obtain a cash-out refinance and received a loan at 65% LTV.

2. They need to combine all of their debts into a single loan.

   Multiple debts with varying lending rates can be very overwhelming and tough to keep an eye on. To successfully make the situation more manageable, some people combine all their outstanding debts into a single mortgage loan with just one payment per month.

3. They want to utilize their home's equity for an additional home purchase.

   As an example, one of our past borrowers located in Hawaii had a house valued at over a million dollars. His idea was to sell the house but it did not work out and he ultimately was forced to be satisfied with leasing the home to an interested party, with an option to purchase it at a later time. The income that came from the rent covered his monthly mortgage bill, insurance, and property taxes. The person also went ahead and paid two hundred thousand dollars in the form of a down payment for a three year contract. With these assurances taking care of the home's financial obligations on an ongoing basis, he approached Read Rock Capital to get a 70% LTV private mortgage loan to help with his subsequent real estate investment. This enabled him to pay an advance on the down payment for his next investment, and also pay down his existing mortgage.

4. They have a previous private loan and can't pay the pending balloon payment.

   A real estate investor who currently has an existing private mortgage loan and is not able to pay for the balloon payment on account of a change of circumstances can fill out an application for refinancing from an alternative lender. A refinance will help the borrower hit the cut-off date for the balloon payment and prevent any consequences.

Do you need a private mortgage lender in East Point to help you afford your real estate investment? Enter your info into the contact form on this page or call us and let's talk about your property.