A lot of real estate investors count on private real estate financing to acquire a new home or property, or remodel or refinance one they already have. While typical lenders such as banks require a prolonged, time consuming application process and in all likelihood will hesitate to lend money to a self-employed borrower, private mortgage loans in Forrest City close fast and are easy qualifying.

So while it's possible you have poor credit, having a promising real estate opportunity, a substantial down payment, past experience, and a good exit strategy are much more important in terms of being approved for private money for a real estate loan. Additionally, Forrest City private real estate mortgages close fast to provide you with financing right away, helping you close within 2-3 weeks.

Commonly, clients get in contact with a private mortgage lender in Forrest City when:

1. They're looking for money to fix a home and property and put it up for sale at a higher price point or to up the lease amount for tenants.

   By way of example, there was this borrower who owned a 2-family rental property. He had an abundance of equity available in the house and the rent brought in routine monthly income. While a few enhancements to the place may have enabled him to charge higher rent, a bank would most likely have turned down the loan request, given that his credit score was down at 520. Right after he approached Read Rock Capital for a mortgage, we were happy to complete a cash-out refinance at 65% of the property's assessed value.

2. They wish to combine all of their debts into one loan.

   The majority of people find that it's stressful to deal with multiple payments each month. To help make the situation more reasonable, people combine their financial debts into just one line of credit with one payment per month.

3. They would like to take advantage of the existing equity in their existing home to do a different real estate investment.

   One of our borrowers located in Hawaii had a residence valued at $1M. When he failed to secure a buyer for the home, he inked a lease-option-to-buy contract with someone. The cash that stemmed from the lease took care of his regular mortgage expenses, insurance, and property taxes. The person furthermore went ahead and paid him two hundred thousand dollars in the form of an advance payment for a 3 year lease agreement. These sureties meant he no longer needed to concern himself with the property's future financial obligations, so when another great real estate opportunity showed up, he came to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This let him pay an advance on the down payment for the new property, and at the same time repay his present mortgage.

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

   If someone is not able to pay a balloon payment because of unforeseen factors, he can make an effort to refinance his loan with another loan provider. Refinancing prior to the due date allows the borrower to meet the due date for the balloon payment and stay clear of fees and penalties in connection with missing the balloon payment.

Wanting to make contact with a private mortgage lender in Forrest City to discuss funding alternatives for your upcoming project? Submit the form on this page or give us a call to talk about your project.