Numerous real estate investors turn to private real estate financing to pay for a new property or home, or update or refinance one they already have. Contrary to bank loans, Jeffersontown private mortgage loans close fast, are easy to qualify for and accessible to self-employed borrowers.

That's good news for investors since even somebody with bad credit can qualify for private money for a real estate loan as long as he has a deal that shows promise, he has sufficient cash for a downpayment, he has proven himself capable in real estate, and can show a plan for an exit strategy. And having fast closings of 14 days, private real estate mortgages in Jeffersontown may very well be the perfect solution for real estate investors.

Most often, borrowers count on Jeffersontown private mortgage lenders to supply capital for their endeavors when:

1. They would like to update or repair the property or home to allow them to offer it at a higher price or to fetch higher monthly rental fees.

   For example, we had a customer who owned a two-family rental property. At the time, he retained a good deal of equity in the house and the monthly rent brought in a steady income. He sought to perform some improvements to the units so that he could maintain high rents, but a low credit score of 520 meant that a bank would undoubtedly turn down his loan request. Accordingly, he turned to Read Rock Capital for a cash-out refinance and acquired financing at 65% LTV.

2. They have numerous unsecured debts and prefer to combine them.

   Multiple unsecured debts with various interest rates can be extremely overwhelming and hard to manage. On that basis, many individuals borrow from a property's equity to combine their financial debts into one loan payment.

3. They would like to take advantage of the existing equity available in their existing property or home to work on an additional real estate investment.

   As an example, one of our past clients in Hawaii had a house appraised at over a million bucks. When he could not find a buyer for his property, he signed a lease-option-to-buy deal with someone. The rent amount was sufficient to handle his ongoing mortgage payment, property taxes and cost of insurance. The renter additionally gave two hundred thousand dollars in the form of a non-refundable advance payment as part of signing the 3-year lease. Using these sureties to take care of the home's monthly payments on a regular basis, he phoned Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan for his upcoming purchase of an investment property. Meaning that he could make the down payment for his next property, and also pay down his present mortgage.

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

   If an unexpected mishap prevents a borrower from meeting his balloon payment deadline, he can contact another lender to refinance. A cash-out refinance can help you complete the balloon payment and evade fines.

Searching for a private mortgage lender in Jeffersontown to finance your investment purchase? Fill out the contact form on this page or call us and let's talk about your property or properties.