Private real estate financing gives assistance to real estate investors who want to pay for, fix up or refinance a property using a short-term loan from a private firm or an individual. Contrary to loans from banks, Golden private mortgage loans close fast, are easy to qualify for and offered to self-employed applicants.

Which means that regardless of whether you have a good credit score, you've still got a good chance of qualifying for private money for a real estate loan as long as your investment is presumed to be profitable, you have sufficient money reserved for the down payment, you have shown yourself competent in past real estate projects, you have substantial equity contained in the property or you have a clear plan to take care of the loan. What's more, the fast closing Golden private real estate mortgages supply you with financing right away, allowing you to close within weeks.

Most often, people rely on Golden private mortgage lenders to finance their projects when:

1. They would like to renovate or make repairs to the home and property so that they can market it at a much higher price or to fetch higher rents.

   One example is an applicant who operated a two-family rental property. He already had plenty of equity in the property and the rent brought in a steady cash flow. While some remodeling work to the property may have helped him command higher rent, a bank would definitely have turned down the mortgage application, due to the fact his credit score was a mere 520. And so he turned to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They want to combine each of their unsecured debts into one single payment.

   Most people find that it's stressful to deal with multiple payments on a monthly basis. This is why some people choose to make use of the equity available in their home to combine their financial debts into only one private loan which has a single monthly payment.

3. They wish to use their home's equity for a different purchase.

   One of our customers in Hawaii owned a property worth over $1,000,000. His plans to sell the house didn't happen and he finally was forced to be satisfied with leasing the home, with an option to buy at a future date. The rent checks were enough to take care of his regular mortgage payment, property taxes and cost of insurance. The renter also included $200,000 in the form of a non-refundable down payment when he signed the three year contract. These assurances meant that he no longer had to concern himself with the property's ongoing expenses, and thus, when a new real estate investment opportunity surfaced, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This gave him ample capital to put towards a downpayment or his next property, but additionally helped him pay off the existing mortgage.

4. They want help to satisfy the balloon payment for the existing loan.

   If a borrower is unable to pay a balloon payment due to unexpected causes, he can seek to refinance his loan with a different lender. A cash-out refinance will help the person pay the balloon payment and escape penalty.

Planning to discuss financing alternatives with a private mortgage lender in Golden? Enter your info into the contact form on this page or get in touch with us via phone to discuss the property or properties you have in mind.