Numerous real estate investors rely on private real estate financing to pay for a new home, or rehab or refinance one they already have. Gooding private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also available to self-employed applicants.

So even if you have poor credit, having a real estate opportunity showing good potential, a significant down payment, past experience, and a good exit strategy are a great deal more relevant when it comes to being approved for private money for a real estate loan. And with fast closings of two weeks, private real estate mortgages in Gooding are a perfect solution for real estate investors.

Typically, clients seek out a private mortgage lender in Gooding when:

1. They want to update or fix up the home and property in order to offer it at an increased price point or to get higher monthly rental fees.

   Real example: one of our applicants held a 2-unit rental. He had an abundance of equity in the asset and the rent brought in routine income each month. He desired to perform some improvements to the units to help keep his rents high, but a below average credit score of 520 meant that a bank would turn down his mortgage application. So he came to Read Rock Capital to obtain a cash-out refinance and acquired a loan at 65% LTV.

2. They're stuck with numerous unsecured debts and would like to combine them.

   Most people find it stressful to make numerous payments on a monthly basis. Because of this, some people make the decision to make the most of the equity in their house to combine all their outstanding debts into only one private loan which has a single monthly payment.

3. They want to capitalize on the existing equity in an existing house to work on an additional project.

   As an illustration, a customer located in Hawaii had a house valued at $1,200,000. When he could not secure a buyer for the property, he agreed to a lease-option-to-buy arrangement with someone. The funds that stemmed from the lease contract took care of his regular mortgage bill, insurance, and taxes. The tenant additionally put $200k in the form of a non-refundable advance payment when he signed the 3 year lease. These assurances meant he no longer needed to be concerned about the property's future financial obligations, and so when a new investment opportunity surfaced, he came to Read Rock Capital and obtained a private mortgage loan at 70% LTV. The money helped him pay for his next investment and in addition, pay down his primary mortgage.

4. They already have a preexisting loan and are not able to pay the looming balloon payment.

   If a borrower cannot meet a balloon payment resulting from unexpected factors, he can try to refinance his loan with another loan provider. Refinancing prior to the due date allows you to make the due date for the balloon payment and avoid penalties in connection with missing the balloon payment.

Looking to make contact with a private mortgage lender in Gooding to talk about financing programs for your upcoming real estate investment? Fill out the contact form on this page or call us and let's discuss the property you have in mind.