Private real estate financing entails finding a short-term mortgage via a privately owned company or individual with the intention to buy, perform improvements on or refinance a home or property. Contrary to loans from banks, Jenks private mortgage loans are fast closing, easy qualifying and open to self-employed individuals.

Thus, even if you have bad credit, having a real estate opportunity with good potential, a sizeable down payment, previous experience, and a well-defined exit strategy are much more crucial when being qualified for private money for a real estate loan. In addition, the fast closing Jenks private real estate mortgages grant you funding without delay, helping you close within a few short weeks.

Frequently, people consult Jenks private mortgage lenders to fund their projects when:

1. They need funds to remodel a property and offer it for a higher price point or to up the lease amount for renters.

   As an example, a past client had a twin-home / duplex. He'd already built ample equity available in the house and the rent payments was a regular income source. Though several enhancements to the units would have helped him charge more rent, a bank would likely have turned down the mortgage application, given that he had a credit score of merely 520. Right after he got in contact with Read Rock Capital for a mortgage, we were happy to complete a cash-out refinance for 65% of the home's value.

2. They're stuck with multiple personal debts and desire to consolidate them.

   Multiple outstanding debts with varying interest rates are often too much to handle and challenging to keep tabs on. To set up a more manageable situation, some people consolidate all of their debts into only one line of credit with only one payment per month.

3. They wish to utilize their property's equity for some other purchase.

   As an example, one of Island View's previous customers located in Hawaii had a property valued above a million bucks. Though it was hard for him to secure a buyer for the home, he had found a person who was open to lease it with the option to purchase it. The lease payments served to meet his existing mortgage, taxes and insurance. He also was given a $200,000 non-refundable deposit for the 3 year lease contract. With the help of these sureties to pay for the house's foreseeable expenses, he came across a new investment opportunity and approached Read Rock Capital to obtain a private mortgage loan around seventy percent of the home's valuation. The money helped him cover the cost of his next investment and in addition, repay his initial mortgage.

4. They already have a mortgage and are not able to pay the pending balloon payment.

   If a borrower can't meet a balloon payment as a result of unanticipated factors, he can attempt to refinance his loan with another mortgage lender. A refinance will help the person hit the cut-off date for the balloon payment and avoid consequences.

Wanting to meet a private mortgage lender in Jenks to discuss loan options for your upcoming investment? Submit the contact form or call us to talk about your project.