Private real estate financing means finding a short-term loan via a privately owned firm or individual in order to buy, perform upgrades on or refinance a property or home. As opposed to bank loans, Greer private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

This means that even if you do not have a very good credit score, you've still got a high probability of receiving private money for a real estate loan if your undertaking is viewed to be profitable, you have ample capital to put towards the downpayment, you have proven yourself able in the real estate market previously, you have sizeable equity in the home or you have a clear plan to repay the loan. Besides, if you are searching for a fast closing, there are no better options than Greer private real estate mortgages.

Ordinarily, borrowers consult Greer private mortgage lenders to supply capital for their real estate activities when:

1. A rehab or update can allow them to market the home for a higher price point or fetch significantly more rent.

   E.g. one of our customers owned a duplex. He already retained a good deal of equity available in the property and the rent delivered steady revenue. Though some upgrades to the units would have enabled him to collect more rent, a bank would most likely have turned down the mortgage request, considering that his credit score was merely 520. Hence, the client got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which in turn provided him financing for 65% of the duplex's value.

2. They're stuck with multiple outstanding debts and wish to combine them.

   Many of us find it stressful to manage multiple payments on a monthly basis. To successfully put together a more workable situation, some people consolidate all their financial debts into an individual mortgage loan with only one payment per month.

3. They prefer to employ the equity in one home or property and use it to acquire a different one.

   One of our customers located in Hawaii owned a house valued at $1M. While it was hard for him to find a purchaser for the home, he had a person who was ready to lease it having the option to purchase it. The rental agreement income helped him meet his current mortgage, taxes and insurance. The tenant additionally included two hundred thousand dollars in the form of a non-refundable advance payment as part of signing the 3-year lease contract. These sureties meant that he no longer had to be concerned with the property's future expenses, and so when a new real estate opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. This allowed him to make the downpayment for the new property, and at the same time repay his present mortgage.

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

   If someone can't meet a balloon payment resulting from unexpected factors, he can seek to refinance his loan with a new lender. A refinance will help him hit the cut-off date for the balloon payment and steer clear of any fees and penalties.

Interested in discussing your investment options with a private mortgage lender in Greer? Complete the contact form on this page or call us and let's talk about the project you have in mind.