Private real estate financing means getting a short-term loan from a privately owned business or individual person to be able to buy, perform upgrades on or refinance a property. As opposed to bank loans, Florence private mortgage loans are fast closing, easy qualifying and available to self-employed individuals.

This is very good news for real estate investors because even anyone with lousy credit can apply for private money for a real estate loan provided that he has a project that shows strong potential, he has adequate cash for a downpayment, he has proven himself capable in past real estate projects, and has a sensible exit strategy. Besides, if you're searching for a fast closing, you will not come across many available alternatives better than Florence private real estate mortgages.

Most borrowers speak with Florence private mortgage lenders when:

1. A rehab or update can help them offer the home at a much higher price point or ask for extra rent.

   To illustrate, one of our clients owned a duplex. He had a great deal of equity in the house and the rent payments generated regular income each month. He desired to perform some improvements to the property so that he could keep his rents high, but a below average credit score of 520 meant that a bank would undoubtedly turn down the loan request. Thus, he turned to Read Rock Capital for a cash-out refinance and got financing at 65% LTV.

2. They've got numerous personal debts and would like to combine them.

   Numerous debts with different rates are often too much to handle and hard to keep tabs on. To help make the situation more reasonable, some people merge their unsecured debts into a single line of credit with just one payment per month.

3. They would like to capitalize on the existing equity within their existing property to work on another real estate investment.

   One of our clients located in Hawaii owned a property worth $1.2 million. He wanted to sell the house but that didn't happen and he finally had to be content with leasing the place to an interested party, with the option to purchase it at a later time. The rental agreement payouts helped him meet his existing mortgage, taxes and insurance. The person furthermore consented to pay him 200k as a down payment for a three year lease contract. With these sureties to cover the property's foreseeable financial obligations, he ran across another great real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan close to 70% of the property's estimated value. Meaning that he could make his deposit for his next property, and also repay his present mortgage.

4. The balloon payment for a prior loan is due and they are unable to pay it.

   If an unforeseen incident prevents a person from meeting his balloon payment due date, he could approach a different mortgage company to refinance. A refinance can help him avoid missing the due date for the balloon payment and steer clear of any penalties.

Hoping to meet a private mortgage lender in Florence to go over funding alternatives for your upcoming project? Complete the contact form on this page or call us and let's talk about the property or properties you have in mind.