Private real estate financing gives assistance to real estate investors who want to buy, fix up or refinance a home or property using a short-term mortgage from a private company or an individual. In contrast to bank loans, Georgetown private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

That is fantastic news for investors considering that even an individual with lousy credit can qualify for private money for a real estate loan assuming that he has a promising deal, he has sufficient money for a down payment, he has shown himself capable in prior real estate ventures, and he can show a good exit strategy. In addition to this, if you are hoping for a fast closing, you won't come across any alternatives better than Georgetown private real estate mortgages.

Most borrowers talk with Georgetown private mortgage lenders when:

1. They want to renovate or repair the property or home in order to offer it for sale at a much higher price or to charge higher monthly rental fees.

   For instance, we had this customer with a 2-unit rental property. At the time, he had plenty of equity available in the property and the rent delivered steady revenue. He desired to do some modifications to the property to be able to maintain high rents, but a poor credit score of 520 meant a bank would doubtless turn down the mortgage request. Consequently, the borrower got into contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance that in turn provided him financing for 65% of the home's appraised value.

2. They want to merge each of their debts into one payment.

   Numerous outstanding debts with different lending rates are incredibly overwhelming and challenging to manage. As a result, lots of people get a loan against their home's equity to consolidate all their debts into just one mortgage loan.

3. They would like to utilize their home's existing equity for an additional real estate deal.

   One of Island View's borrowers in Hawaii had a home worth $1M. Though it was difficult for him to get a purchaser for the property, he had identified a person that was open to lease it having an option to buy. The funds that stemmed from the lease covered his continuing mortgage bill, insurance, and property taxes. He also received a two hundred thousand dollars non-refundable downpayment for the three year agreement. These assurances meant that he did not have to be concerned with the property's ongoing expenses, so when a new real estate investment opportunity showed up, he came to Read Rock Capital and got a private mortgage loan at 70% loan to value. This let him pay an advance on the downpayment for the new investment, and at the same time pay down his present mortgage.

4. They already have a preexisting loan and cannot pay the pending balloon payment.

   If someone is unable to meet a balloon payment as a result of unexpected factors, he can make an effort to refinance his loan with a different mortgage company. Refinancing ahead of the term date helps the borrower to make the deadline for the balloon payment and avert any fees and penalties associated with failing to make the balloon payment.

Hoping to discuss mortgage programs with a private mortgage lender in Georgetown? Complete the form on this page or call us to talk about the project you have in mind.