Countless real estate investors rely on private real estate financing to purchase a new home, or update or refinance an existing one. Unlike loans from banks, Eau Claire private mortgage loans are fast closing, easy qualifying and obtainable by self-employed customers.

So even if you don't have good credit, having a promising real estate opportunity, a significant downpayment, previous real estate experience, and a clear-cut exit strategy are more relevant in regards to being eligible for private money for a real estate loan. Besides, if you are searching for a fast closing, you won't find any available alternatives better than Eau Claire private real estate mortgages.

Most borrowers talk with Eau Claire private mortgage lenders when:

1. They are in need of capital to renovate a home and market it at a much higher price point or to rent it out at a higher monthly amount.

   E.g. a past investor had a twin-home / duplex. He held a great deal of equity in the house and the rent generated regular monthly income. A few select home renovations would help him bump up the cost of rent, but having a lower credit score of 520, it was extremely likely that a bank would turn down the loan request. When he contacted Read Rock Capital to get a loan, we were glad to do a cash-out refinance at 65% of the duplex's assessed value.

2. They've got multiple debts and prefer to combine them.

   Countless unsecured debts with a range of rates are incredibly overwhelming and hard to keep tabs on. On that basis, some individuals borrow against their home's equity to consolidate each of their unsecured debts into just one manageable payment.

3. They prefer to use their house's existing equity for an additional home purchase.

   Here is an example. A client in Hawaii had a house appraised at $1.2M. Since it was challenging for him to get a buyer for the home, he had found somebody who was willing to lease it with an option to buy. The rental agreement payouts helped him meet his current mortgage payment, taxes and homeowner's insurance. The tenant also included $200,000 in the form of a non-refundable advance payment as he signed the 3 year lease agreement. These sureties meant that he no longer needed to be concerned about the home's future expenses, and so when another promising real estate investment opportunity showed up, he reached out to Read Rock Capital and received a private mortgage loan at 70% loan to value. The money helped him put enough money towards his next investment and also pay off his primary mortgage.

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

   A person who invests in real estate and already has an existing private loan and isn't able to pay for the balloon payment caused by a change of circumstances can submit an application for refinancing from another lender. A cash-out refinance can help the person complete the balloon payment and evade fines.

Looking to meet a private mortgage lender in Eau Claire speak about funding alternatives for your next investment? Submit the form or get in touch with us via phone to discuss your property or properties.