Many real estate investors use private real estate financing to pay for a new home or property, or remodel or refinance one they already own. Although traditional lending institutions such as banks have a lengthy, drawn out application process and are more than likely to be reluctant to loan money to a self-employed client, private mortgage loans in Jennings close fast and are easy to qualify for.

That's why, in case you don't have great credit, having a promising opportunity, a sizeable down payment, past real estate experience, and a clear-cut exit strategy are far more relevant in terms of being eligible for private money for a real estate loan. What's more, the fast closing Jennings private real estate mortgages provide you with financing right away, helping you close a deal within 2 or 3 weeks.

Most real estate professionals talk with Jennings private mortgage lenders when:

1. They need to renovate or repair the home and property to be able to market it at an increased price or to bring in higher monthly rental fees.

   For example, there was this customer who owned a 2-unit rental property. He'd already built up adequate equity available in the building and the rent was a regular source of income. A number of select home renovations would allow him to bump up his rental prices, but because of a bad credit score of 520, it was very certain for a bank to turn down the mortgage application. Shortly after he got into contact with Read Rock Capital to get a mortgage, we were glad to complete a cash-out refinance at 65% of the house's appraised value.

2. They've got multiple unsecured debts and would like to combine them.

   A lot of people know how stressful it is to manage multiple payments every month. Due to this, numerous people do a loan against their home's equity to consolidate all of their debts into one single loan payment.

3. They want to take advantage of their property's equity for some other purchase.

   Here is an example. A client in Hawaii owned a home valued at $1,200,000. Though it was difficult for him to secure a purchaser for his house, he had identified a person who was wanting to lease it with an option to buy. The rent amount was sufficient to cover his regular mortgage payment, property taxes and cost of insurance. In addition, he was given a $200k non-refundable down payment for the 3 year contract. These sureties meant he did not have to be concerned with the property's ongoing expenses, and thus, when a new real estate investment opportunity surfaced, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This let him make the deposit for his next property, and furthermore pay down his present mortgage.

4. They want help to satisfy the balloon payment for the current private loan.

   If an unforeseen incident stops someone from hitting his balloon payment deadline, he could seek out a different loan company to refinance. Refinancing prior to the term date allows the borrower to make the deadline for the balloon payment and avert any consequences associated with missing the balloon payment.

Looking to connect with a private mortgage lender in Jennings speak about financing options for your upcoming real estate investment? Fill out the form or get in touch with us via phone and let's talk about your property.