Countless real estate investors use private real estate financing to acquire a new property or home, or update or refinance one they already own. Whereas traditional lenders like banks have a lengthy, drawn out application process and are more than likely to hesitate to loan money to a self-employed client, private mortgage loans in Homestead close fast and are easy qualifying.

That's why, in case you have lousy credit, having a real estate opportunity showing promise for profits, a substantial down payment, past experience in real estate, and a clear exit strategy are more important in terms of being qualified for private money for a real estate loan. And having fast closings of just 2 weeks, private real estate mortgages in Homestead may very well be the right alternative for serious real estate investors.

Normally, people get a hold of a private mortgage lender in Homestead when:

1. They want capital to fix up a property and sell it at a much higher price or to rent it out at a higher monthly amount.

   To illustrate, one of our borrowers had a twin-home / duplex. He'd already built considerable equity available in the house and the monthly rent checks was a regular revenue stream. Although a few improvements to the property could have enabled him to collect more rent, a bank would most likely have turned down his mortgage application, since his credit score was only 520. Thus, he turned to Read Rock Capital for a cash-out refinance and obtained financing at 65% LTV.

2. They've got numerous debts and desire to combine them.

   Many people find it stressful to deal with multiple payments each and every month. To successfully put together a more workable situation, people combine all of their outstanding debts into one single loan with one monthly payment.

3. They would like to utilize their property's equity for a different home purchase.

   For instance, one of Island View's customers located in Hawaii had a property appraised in excess of one million bucks. While it was hard for him to get an interested party for the place, he had found a person that was open to lease it having the option to buy. The lease income served to meet his existing mortgage expenses, property taxes and insurance. The person furthermore consented to pay 200k as a deposit for the three year lease. Using these sureties to cover the property's monthly payments on a recurring basis, he approached Read Rock Capital to obtain a seventy percent LTV private mortgage loan to help with his upcoming real estate investment. This allowed him to pay an advance on the downpayment for his next investment, and at the same time helped with his present mortgage.

4. They have an existing private loan and are not able to afford the looming balloon payment.

   If a person is unable to pay a balloon payment due to unanticipated factors, he can try to refinance his loan with a different mortgage company. A cash-out refinance can help you pay the balloon payment and evade fines.

Hoping to connect with a private mortgage lender in Homestead to talk about loan options for your upcoming project? Enter your info into the contact form on this page or call us and let's discuss your property.