Private Real Estate Mortgages in Fort Lauderdale
Countless real estate investors depend on private real estate financing to buy a new home or property, or rehab or refinance one they already own. Fort Lauderdale private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are available to self-employed applicants.
So even if you don't have good credit, having a real estate opportunity showing good potential, a sizeable down payment, past experience in real estate, and a clear-cut exit strategy are a great deal more crucial in regards to being approved for private money for a real estate loan. In addition to this, if you're searching for a fast closing, there are no better options than Fort Lauderdale private real estate mortgages.
Generally, clients seek out a private mortgage lender in Fort Lauderdale when:
- A rehab or renovation will make it possible to offer the home at a higher price or charge more rent.
One example is a client who operated a two-family rental property. He had already built up ample equity in the house and the monthly rent checks was a regular source of income. A few select home improvements would undoubtedly allow him to raise his rents, but since he had a below average credit score of 520, it was extremely likely for a bank to turn down the mortgage application. Accordingly, he came to Read Rock Capital to get a cash-out refinance and received a loan at 65% LTV.
- They have numerous personal debts and prefer to consolidate them.
Countless outstanding debts with varying rates are very overwhelming and tough to keep track of. As a result, numerous people get a loan against a property's equity to combine all their financial debts into a single mortgage loan.
- They wish to take advantage of the existing equity in their current house to work on another real estate investment.
By way of example, one of Island View's borrowers in Hawaii had a property valued at more than one million dollars. Though it was hard for him to secure a buyer for the house, he had found a person who was ready to lease it with the option to purchase it. The amount of rent was more than enough to handle his regular mortgage payment, property taxes and homeowner's insurance payments. Additionally, he received a two hundred thousand dollars non-refundable down payment for the 3 year lease agreement. The signed agreement meant that he did not have to worry about the home's ongoing expenses, and so when a new real estate investment opportunity showed up, he reached out to Read Rock Capital and received a private mortgage loan at 70% loan to value. This means that he was able to make the deposit for his next property, and also pay down his present mortgage.
- They want help to satisfy the balloon payment for the current mortgage.
If someone is unable to pay a balloon payment because of unanticipated causes, he can attempt to refinance the loan with an alternative lender. A cash-out refinance can help you complete the balloon payment and evade consequences.
In search of a private mortgage lender in Fort Lauderdale to finance your investment purchase? Complete the form on this page or call us and let's talk about the project you have in mind.
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