Private real estate financing can help investors buy, remodel or refinance a property via a short-term loan from a privately owned company or an individual. Contrary to loans from banks, Erlanger private mortgage loans are fast closing, easy qualifying and obtainable by self-employed customers.

Which means that no matter the level of your credit score, there is still a strong likelihood of obtaining private money for a real estate loan as long as your project is regarded as profitable, you have sufficient money available for the down payment, you have proven yourself able in prior real estate investments, you have considerable equity in the home or property or you can show a well-defined plan to take care of the loan. What's more, Erlanger private real estate mortgages close fast to supply you with financing without delay, letting you close on a deal within a few short weeks.

Commonly, customers get in contact with a private mortgage lender in Erlanger when:

1. A rehab or renovation can allow them to market the home at a higher price point or charge significantly more rent.

   Real example: one of our borrowers operated a 2-unit rental property. He had already built ample equity available in the property and the rent was a routine income source. A number of choice home improvements would help him boost his rental prices, but since he had a below average credit score of 520, it was extremely certain for a bank to turn down his loan request. Accordingly, he came to Read Rock Capital to obtain a cash-out refinance and acquired a loan at 65% LTV.

2. They need to merge their outstanding debts into one loan.

   Numerous unsecured debts with various interest rates are often too much to handle and tough to keep tabs on. On that basis, many individuals get a loan from their home equity to merge their financial debts into a single manageable payment.

3. They prefer to employ the existing equity in one property or home and use it to purchase a different one.

   As one example, a homeowner in Hawaii owned his residence which was appraised at $1.2M. His idea was to sell the house but it didn't work out and he ultimately had to settle for leasing the home to an interested party, with the option to purchase it at a future date. The rent checks were more than enough to pay for his regular mortgage payment, property taxes and cost of homeowner's insurance. He also was given a $200,000 non-refundable down payment for the three year lease. These sureties meant that he no longer had to be concerned with the property's future expenses, and as a result, when a new investment opportunity came up, he reached out to Read Rock Capital and received a private mortgage loan at 70% LTV. The borrowed funds helped him put enough money towards a new investment as well as pay down his initial mortgage.

4. The balloon payment for a prior loan is owed soon and they are not able to afford it.

   If a person cannot pay a balloon payment due to unforeseen causes, he can attempt to refinance his loan with a different mortgage company. A refinance will help the borrower avoid missing the due date for the balloon payment and steer clear of any fees and penalties.

Want to discuss mortgage programs with a private mortgage lender in Erlanger? Complete the contact form or get in touch with us via phone and let's discuss the property or properties you have in mind.