Private real estate financing involves getting a short-term mortgage through a privately owned business or individual with the intention to buy, perform improvements on or refinance a property or home. Findlay private mortgage loans have many advantages — they are fast closing, easy qualifying and are also open to self-employed borrowers.

That's good for investors since somebody with lousy credit can qualify for private money for a real estate loan given that he has a project that shows promise, he has adequate cash for a down payment, he has proven himself competent in past real estate projects, and he has a sensible exit strategy. Furthermore, if you are looking for a fast closing, there are no better options than Findlay private real estate mortgages.

In most cases, borrowers ask Findlay private mortgage lenders to lend money for their projects when:

1. They want to remodel or make repairs to the house to be able to sell it at an increased price point or to charge higher monthly rental fees.

   One example is a client who operated a 2-family rental property. He held a great deal of equity available in the house and the rent generated regular income each month. He desired to do some improvements to the units to help keep his rents high, but a poor credit score of 520 meant a bank would turn down his loan request. Hence, the borrower contacted Read Rock Capital (Read Rock Capital) to do a cash-out refinance which provided him a loan for 65% of the duplex's appraised value.

2. They would like to merge each of their financial debts into a single payment.

   The majority of people know how stressful it is to manage numerous payments every month. This is why numerous people opt to take advantage of the equity available in their property to consolidate each of their unsecured debts into a single private mortgage loan which has a lone payment per month.

3. They would like to use the equity in their current property to do a different real estate project.

   As an example, one of our past clients located in Hawaii had a property valued in excess of one million bucks. Though it was challenging for him to secure an interested party for his home, he had found someone that was open to lease it having the option to purchase it. The funds that came from the rental payments covered his regular mortgage payment, insurance, and property taxes. He also received a $200,000 non-refundable advance payment for the 3 year lease contract. With this collateral to pay for the property's foreseeable financial obligations, he ran across a new investment opportunity and contacted Read Rock Capital for a private mortgage loan close to seventy percent of the property's valuation. This gave him plenty of capital to use for a down payment or his next investment, but also helped him pay off the existing mortgage.

4. They need help to meet the balloon payment for a previous mortgage.

   If a borrower can't make a balloon payment as a result of unforeseen causes, he can make an effort to refinance his loan with a new mortgage company. A refinance will help the person hit the due date for the balloon payment and prevent any penalty charges.

Looking to make contact with a private mortgage lender in Findlay to talk about loan alternatives for your next project? Submit the contact form or call us and let's discuss your property.