Private real estate financing can help investors purchase, remodel or refinance a home or property using a short-term loan from a private company or an individual. Independence private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are available to self-employed applicants.

This is a good thing for real estate investors since even someone with weak credit can qualify for private money for a real estate loan given that he has a project that shows strong potential, he has adequate money for a downpayment, he has shown himself competent in earlier real estate ventures, and he can show a sensible exit strategy. Combined with fast closings of only fourteen days, private real estate mortgages in Independence are an ideal choice for serious real estate investors.

Typically, clients reach out to a private mortgage lender in Independence when:

1. They need money to remodel a property and market it for a higher price point or to rent it out for more money.

   E.g. a past client owned a twin-home / duplex. He'd already built adequate equity available in the property and the rent payments was a routine income source. While some upgrades to the property might have helped him charge higher rent, a bank would definitely have turned down the mortgage request, due to the fact he had a credit score of down at 520. After he contacted Read Rock Capital to get a mortgage, we were pleased to do a cash-out refinance for 65% of the duplex's appraised value.

2. They have numerous personal debts and would like to combine them.

   The majority of people find it stressful to make numerous payments each and every month. This is the reason a lot of people decide to utilize the equity in their property to consolidate all their debts into only one private mortgage loan with a single monthly payment.

3. They wish to use their house's existing equity for a different purchase.

   As one example, a customer located in Hawaii owned a home valued at $1,200,000. His plans to sell the house never transpired and he ultimately had to be satisfied with leasing the house to someone, with an option to buy at a later time. The rental agreement income helped him meet his existing mortgage, taxes and insurance. He also was given a $200,000 non-refundable down payment for the three year agreement. Having these assurances to cover the house's foreseeable expenses, he ran across another great real estate opportunity and got in touch with Read Rock Capital for a private mortgage loan nearly seventy percent of the property's valuation. The money helped him pay for his next investment and also deal with his primary mortgage.

4. The balloon payment for an existing mortgage is owed soon and they are not able to pay it.

   If an unforeseen event hinders someone from hitting his balloon payment deadline, he can approach another mortgage company to refinance. Refinancing prior to the term date enables the borrower to make the due date for the balloon payment and avert any fines in connection with failing to pay the balloon payment.

Want to discuss financing options with a private mortgage lender in Independence? Complete the form on this page or give us a call and let's discuss your property or properties.