Private real estate financing entails finding a short-term mortgage loan via a privately owned business or individual to be able to buy, carry out improvements on or refinance a home or property. Although typical lenders such as banks necessitate a prolonged, drawn out application process and are likely to think twice about loaning money to a self-employed client, private mortgage loans in Grandview close fast and have minimal eligibility requirements.

Meaning that no matter the level of your credit score, you still have a good chance of obtaining private money for a real estate loan provided that your undertaking is regarded as profitable, you have sufficient capital to set aside for the downpayment, you have demonstrated yourself capable in real estate previously, you have considerable equity in the property or home or you can show a clear plan to take care of the loan. Additionally, Grandview private real estate mortgages close fast to supply you with financing right away, allowing you to close within 2-3 weeks.

Most borrowers speak with Grandview private mortgage lenders when:

1. They would like to remodel or make repairs to the property in order to offer it at an increased price or to get higher rents.

   For example, we had this customer with a two-unit rental property. He previously built considerable equity in the asset and the rent payments was a recurring revenue stream. Though some upgrades to the property would've helped him command higher rent, a bank would undoubtedly have turned down his loan request, because his credit score was down at 520. After he got in contact with Read Rock Capital for a loan, we were pleased to do a cash-out refinance for 65% of the home's assessed value.

2. They want to merge all of their unsecured debts into one loan.

   Multiple outstanding debts with varying rates are very overwhelming and difficult to keep tabs on. To successfully make the situation more reasonable, people merge their unsecured debts into a single loan with one payment per month.

3. They want to take advantage of their home's equity for some other purchase.

   One of our borrowers in Hawaii owned a residence valued at over $1,000,000. When he was not able to procure a buyer for his property, he inked a lease-option-to-buy arrangement with an interested party. The rent checks were more than enough to pay for the cost of his monthly mortgage bill, taxes and cost of homeowner's insurance. The renter also put two hundred thousand dollars for a non-refundable deposit as he signed the three year contract. Having these assurances to take care of the home's monthly payments on a recurring basis, he called Read Rock Capital to obtain a 70% LTV private mortgage loan to help with his next investment. Meaning that he could make a down payment for his next property, and also help with his existing mortgage.

4. They need help to satisfy the balloon payment for the existing mortgage.

   A person who invests in real estate and has a previous private mortgage loan and isn't able to pay for the balloon payment thanks to a change in circumstances can apply for refinancing from a new lender. A refinance will help the borrower hit the due date for the balloon payment and avoid consequences.

Wanting to meet a private mortgage lender in Grandview speak about loan options for your next investment? Fill out the form on this page or give us a call to talk about the project you have in mind.