Private real estate financing can help investors buy, renovate or refinance a home using a short-term loan from a privately owned company or an individual. Unlike bank loans, Fort Dodge private mortgage loans are fast closing, easy qualifying and open to self-employed customers.

Which means that irrespective of the quality of your credit score, you've still got a good chance of obtaining private money for a real estate loan assuming that your project is viewed to be profitable, you have ample capital to set aside for the downpayment, you have shown yourself competent in real estate previously, you have sizeable equity contained in the property or you can show a legitimate plan to pay back the loan. In addition to this, if you are searching for a fast closing, you will not find many available alternatives better than Fort Dodge private real estate mortgages.

Often, customers rely upon Fort Dodge private mortgage lenders to supply capital for their real estate ventures when:

1. They would like to update or repair the property or home in order to offer it at a higher price or to bring in higher rents.

   As an example, a past investor had a duplex. He already had a lot of equity in the house and the rent checks generated steady income. A few select home upgrades would allow him to raise the cost of rent, but because of a low credit score of 520, it was highly certain that a bank would turn down the loan request. Hence, the client approached Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which in turn got him financing for 65% of the home's valuation.

2. They need to merge each of their outstanding debts into just one loan.

   Countless unsecured debts with various lending rates can be extremely overwhelming and difficult to manage. This is the reason some people opt to make use of the equity in their home to combine all their unsecured debts into only one private mortgage loan which has a single monthly payment.

3. They prefer to utilize their property's equity for another purchase.

   One of our customers located in Hawaii owned a residence worth over $1,000,000. When he was unable to procure a buyer for his property, he inked a lease-option-to-buy deal with an interested party. The funds that came from the rent paid for his monthly mortgage payment, home owner's insurance, and taxes. The renter additionally put $200k towards a non-refundable advance payment as part of signing the 3 year lease agreement. Having these sureties to cover the property's monthly payments on an ongoing basis, he contacted Read Rock Capital for a seventy percent LTV private mortgage loan to help with his upcoming real estate investment. The borrowed funds helped him put enough money towards his next investment property and in addition, pay off his primary mortgage.

4. They want assistance to meet the balloon payment for the current private loan.

   If a person is unable to pay a balloon payment resulting from unforeseen causes, he can try to refinance the loan with an alternative loan company. A refinance will help the person hit the cut-off date for the balloon payment and steer clear of any penalties.

Wanting to make contact with a private mortgage lender in Fort Dodge speak about funding alternatives for your upcoming real estate investment? Submit the contact form or get in touch with us via phone and let's talk about the project you have in mind.