Private real estate financing gives assistance to investors who want to purchase, renovate or refinance a home utilizing a short-term mortgage loan from a privately owned business or an individual. Contrary to bank loans, Evans private mortgage loans are fast closing, easy qualifying and offered to self-employed individuals.

It means that whether or not you have a good credit score, you've still got a good chance of qualifying for private money for a real estate loan if your undertaking is presumed to be profitable, you have enough money available for the down payment, you have shown yourself able in the real estate market previously, you have sizeable equity in the home or you can show a well-defined plan to pay back the loan. And having fast closings of only two weeks, private real estate mortgages in Evans are an ideal alternative for serious real estate investors.

Most real estate professionals turn to Evans private mortgage lenders when:

1. They need to update or make repairs to the house to enable them to sell it at an increased price point or to bring in higher rents.

   E.g. one of our borrowers owned a duplex. He previously built up a good amount of equity available in the building and the rent was a recurring source of income. He sought to complete some renovation to the property to help keep his rents high, but a below average credit score of 520 meant a bank would undoubtedly turn down the loan request. Hence, the borrower got in contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which got him a loan for 65% of the duplex's value.

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

   Many of us think it is stressful to deal with multiple payments every month. This is why a lot of people decide to make the most of the equity in their property to combine all of their financial debts into only one private loan which has a single payment per month.

3. They prefer to allocate their existing equity in one home and acquire another one.

   For example, a customer located in Hawaii had his residence which was valued at $1.2M. When he failed to secure a buyer for the house, he inked a lease-option-to-buy deal with an interested party. The rent amount was adequate to cover the cost of his ongoing mortgage bill, property taxes and cost of insurance. The person also consented to pay him $200,000 in the form of a down payment for the 3-year lease agreement. With these sureties to cover the house's foreseeable expenses, he ran across a new real estate opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan around 70% of the home's valuation. This gave him plenty of money to put towards a down payment on his next property, but also made it easier for him to pay off the existing mortgage.

4. The balloon payment for a previous loan is owed soon and they are unable to afford it.

   A real estate investor who has a previous private mortgage loan and is unable to pay for the balloon payment on account of a change of circumstances can submit an application for refinancing from a new loan company. A refinance can help the person hit the cut-off date for the balloon payment and avoid penalties.

Looking to connect with a private mortgage lender in Evans to go over loan programs for your upcoming real estate investment? Submit the contact form on this page or give us a call to talk about your project.