Private real estate financing helps investors pay for, remodel or refinance a property utilizing a short-term mortgage from a private firm or an individual. Gretna private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available for self-employed borrowers.

Meaning that irrespective of the level of your credit score, there is still a strong likelihood of obtaining private money for a real estate loan as long as your real estate project is regarded as profitable, you have sufficient money to set aside for the downpayment, you have shown yourself capable in earlier real estate projects, you have significant equity contained in the home or property or you have a clear plan to repay the loan. And having fast closings of 2 weeks, private real estate mortgages in Gretna are a perfect choice for real estate investors.

Most borrowers speak with Gretna private mortgage lenders when:

1. A rehab or restoration will help them offer the home at a higher price point or get extra rent.

   Real example: one of our borrowers operated a two-unit rental. He held a great deal of equity available in the house and the rent generated regular monthly income. He desired to perform some upgrades to the units to be able to keep his rents high, but a poor credit score of 520 meant that a bank would undoubtedly turn down the mortgage request. And so he came to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They've got multiple outstanding debts and would like to combine them.

   Countless outstanding debts with different lending rates can be extremely overwhelming and challenging to keep track of. To help set up a more reasonable situation, people merge each of their unsecured debts into only one loan with only one payment per month.

3. They wish to utilize their property's equity for an additional real estate deal.

   One of Island View's customers located in Hawaii owned a home valued at $1.2 million. While it was difficult for him to find a buyer for the place, he had someone that was wanting to lease it having the option to buy. The money that came from the rent took care of his ongoing mortgage payment, home owner's insurance, and taxes. He also received a $200k non-refundable advance payment for the three year agreement. The signed agreement meant that he did not have to concern himself with the property's future expenses, so when another promising real estate investment opportunity surfaced, he came to Read Rock Capital and received a private mortgage loan at seventy percent LTV. This means that he was able to make his deposit for his next property, and also pay down his existing mortgage.

4. The balloon payment for a preexisting mortgage is due and they can't afford it.

   If a borrower is unable to pay a balloon payment thanks to unexpected factors, he can attempt to refinance his loan with another mortgage lender. Refinancing right before the term date allows you to meet the due date for the balloon payment and stay clear of consequences in connection with missing the balloon payment.

Looking for a private mortgage lender in Gretna to finance your real estate investment? Submit the form or give us a call to discuss your property or properties.