Private real estate financing gives assistance to investors who want to purchase, fix up or refinance a home using a short-term loan from a privately owned business or an individual. Contrary to bank loans, Flint private mortgage loans close fast, are easy to qualify for and available to self-employed applicants.

That's a good thing for investors because anyone with poor credit can qualify for private money for a real estate loan as long as he has a promising deal, he has enough cash for a down payment, he has proven himself competent in real estate, and he has a plan for an exit strategy. Combined with fast closings of only fourteen days, private real estate mortgages in Flint may very well be the ideal solution for ambitious real estate investors.

Most borrowers turn to Flint private mortgage lenders when:

1. They want to remodel or fix up the property or home in order to sell it at a much higher price or to get higher rents.

   For example, we had a borrower with a two-family rental property. He had an abundance of equity available in the property and the rent checks generated regular monthly income. A handful of choice home enhancements would help him boost the cost of rent, but with a low credit score of 520, it was highly certain for a bank to turn down the loan application. Consequently, the client got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that in turn gave him a loan for 65% of the property's valuation.

2. They're stuck with numerous personal debts and desire to combine them.

   Many of us know how stressful it is to manage countless payments every month. This is the reason some people decide to utilize the equity available in their house to combine all their debts into only one mortgage which has a lone monthly payment.

3. They prefer to unlock their equity in one property and use it to invest in another one.

   For instance, one of our clients in Hawaii had a place appraised at more than one million dollars. Since it was difficult for him to secure a buyer for his house, he had someone who was willing to lease it having the option to buy. The lease payouts made it possible to meet his existing mortgage expenses, property taxes and insurance. The renter additionally put $200k in the form of a non-refundable deposit as part of signing the 3-year lease. These sureties meant he no longer had to be concerned with the home's ongoing expenses, so when another promising real estate investment opportunity surfaced, he came to Read Rock Capital and received a private mortgage loan at 70% loan to value. The loan helped him afford his next investment property and also repay his initial mortgage.

4. The balloon payment for their current private loan is owed soon and they are unable to handle it.

   If a person can't meet a balloon payment due to unforeseen factors, he can try to refinance his loan with a new loan provider. Refinancing prior to the term date enables you to make the due date for the balloon payment and stay clear of fines in connection with missing the balloon payment.

Hoping to connect with a private mortgage lender in Flint to discuss loan alternatives for your next investment? Fill out the contact form or get in touch with us via phone and let's discuss the property or properties you have in mind.