Private Real Estate Mortgages in Hot Springs

Private real estate financing means getting a short-term mortgage via a private company or individual person to be able to buy, carry out upgrades on or refinance a property. Hot Springs private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are open to self-employed applicants.

It 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 as long as your undertaking is presumed to be profitable, you have enough money to put towards the down payment, you have demonstrated yourself capable in earlier real estate projects, you have significant equity in the property or home or you can show a clear plan to pay back the balance of the loan. In addition, Hot Springs private real estate mortgages close fast to ensure that you get funding right away, letting you close on a deal within a few short weeks.

Normally, clients seek out a private mortgage lender in Hot Springs when:

  1. A remodeling job or restoration can help to offer the house for a higher price point or get more rent.

    As an illustration, one of our clients operated a two-unit rental property. He already retained a good deal of equity available in the house and the monthly rent generated steady cash flow. While a few upgrades to the units would have helped him charge higher rent, a bank would likely have turned down the loan request, considering that he had a credit score of merely 520. Shortly after he got in touch with Read Rock Capital to obtain a loan, we were pleased to complete a cash-out refinance for 65% of the house's valuation.

  2. They have numerous debts and need to consolidate them.

    Multiple debts with different lending rates are often too much to handle and difficult to keep tabs on. This is the reason many people opt to take advantage of the equity available in their house to consolidate their outstanding debts into a single private loan which has a lone monthly payment.

  3. They prefer to take advantage of their home's equity for a different real estate deal.

    One of Island View's clients located in Hawaii had a property worth $1M. When he failed to find a buyer for the property, he inked a lease-option-to-buy contract with an interested party. The money that stemmed from the lease contract covered his ongoing mortgage payment, home owner's insurance, and taxes. He also was given a $200,000 non-refundable deposit for the 3 year lease contract. These sureties meant that he no longer had to be concerned about the home's future expenses, so when another great investment opportunity came up, he found Read Rock Capital and got a private mortgage loan at seventy percent loan to value. Meaning that he was able to make his down payment for the new property, and also repay his existing mortgage.

  4. They want assistance to meet the balloon payment for the current loan.

    If a borrower cannot meet a balloon payment due to unforeseen causes, he can make an effort to refinance his loan with another mortgage company. A cash-out refinance can help you make the balloon payment and escape fines.

Want to discuss your financing options with a private mortgage lender in Hot Springs? Fill out the form on this page or call us to discuss the property you have in mind.

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Investment property loans only please, no primary residences at this time.