Private real estate financing gives assistance to investors who want to buy, renovate or refinance a home or property utilizing a short-term loan from a privately owned firm or an individual. Whereas typical lenders like banks necessitate a prolonged, time consuming application process and in all likelihood will be reluctant to loan money to a self-employed borrower, private mortgage loans in Harahan close fast and are easy qualifying.

So while it's possible you don't have very good credit, having a real estate opportunity with promise for profits, a substantial downpayment, previous real estate experience, and a good exit strategy are more crucial when qualifying for private money for a real estate loan. In addition, Harahan private real estate mortgages close fast to provide you with funding without delay, letting you close within 2-3 weeks.

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

1. They want to update or make repairs to the home in order to sell it at a higher price point or to charge higher rents.

   For example, we had this client with a two-unit rental. He'd already built up ample equity in the asset and the rent was a regular source of income. A few select home improvements would undoubtedly allow him to raise his rents, but with a low credit score of 520, it was extremely certain that a bank would turn down the loan request. And so he came to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They're saddled with multiple unsecured debts and wish to consolidate them.

   Countless outstanding debts with a range of interest rates are often too much to handle and hard to keep an eye on. To successfully put together a more manageable situation, some people combine all of their outstanding debts into only one mortgage loan with just one monthly payment.

3. They would like to take advantage of their house's existing equity for an additional home purchase.

   For instance, one of our previous customers in Hawaii had a house valued at over one million bucks. Though it was tough for him to find a buyer for the home, he had found a person that was open to lease it with an option to buy. The amount of rent was enough to cover the cost of his ongoing mortgage bill, taxes and cost of insurance. The renter additionally put two hundred thousand dollars for a non-refundable deposit as he signed the three year contract. Having these sureties to take care of the property's bills on an ongoing basis, he approached Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan to help with his next purchase of an investment property. This gave him more than enough cash to put towards a down payment or his next home, but additionally made it easier for him to deal with the existing mortgage.

4. They have an existing private loan and cannot afford the looming balloon payment.

   If someone is unable to make a balloon payment due to unexpected causes, he can try to refinance the loan with an alternative mortgage company. A cash-out refinance helps the person pay the balloon payment and evade penalty.

Want to discuss your financing options with a private mortgage lender in Harahan? Fill out the contact form or give us a call to talk about the property you have in mind.