Numerous real estate investors depend on private real estate financing to purchase a new home, or renovate or refinance one they already have. Unlike loans from banks, Irmo private mortgage loans are fast closing, easy qualifying and available to self-employed individuals.

That means that even if your credit score just went through the wringer, you still have a high probability of getting private money for a real estate loan if your investment is regarded as profitable, you have ample money to put towards the downpayment, you have demonstrated yourself able in the real estate market previously, you have considerable equity contained in the home or property or you have a legitimate plan to pay off the loan. And having fast closings of two weeks, private real estate mortgages in Irmo are a perfect alternative for ambitious real estate investors.

Most borrowers turn to Irmo private mortgage lenders when:

1. They need to remodel or fix up the house to enable them to sell it at a much higher price or to ask for higher monthly rental fees.

   One example is a borrower who owned a 2-family rental property. He previously built up ample equity available in the property and the rent was a recurring revenue stream. He wanted to perform some improvements to the place so that he could keep his rents high, but a poor credit score of 520 meant a bank would undoubtedly turn down his mortgage application. Thus, he came to Read Rock Capital to do a cash-out refinance and got a loan at 65% LTV.

2. They have multiple debts and desire to combine them.

   Countless debts with a variety of lending rates can be too much to handle and difficult to keep tabs on. In order to make the situation more reasonable, some people consolidate each of their financial debts into a single loan with only one payment per month.

3. They wish to capitalize on the equity available in their current house to do an additional real estate project.

   One of our borrowers located in Hawaii had a house worth $1.2 million. He wanted to sell the house but that never materialized and he finally had to be satisfied with leasing the place, with the option to purchase it at a future date. The income that stemmed from the rental payments took care of his continuing mortgage bill, insurance, and taxes. In addition, he received a $200,000 non-refundable deposit for the 3 year lease. Using these assurances to handle the property's monthly payments on a regular basis, he approached Read Rock Capital for a 70% loan-to-value private mortgage loan to aid in his next investment. This let him make the deposit for the new property, and at the same time helped with his existing mortgage.

4. They already have a private loan and are unable to afford the pending balloon payment.

   If an unexpected mishap hinders a borrower from hitting his balloon payment due date, he could seek out an alternative company to refinance. A cash-out refinance can help you make the balloon payment and escape consequences.

Hoping to find a private mortgage lender in Irmo to help you afford your investment purchase? Fill out the form on this page or get in touch with us via phone and let's discuss your property.