Private real estate financing means finding a short-term mortgage through a privately owned firm or individual to be able to buy, carry out upgrades on or refinance a property or home. Contrary to bank loans, Kansas City private mortgage loans close fast, are easy to qualify for and obtainable by self-employed applicants.

Which means that even if your credit score just went through the wringer, there is still a high likelihood of obtaining private money for a real estate loan provided that your undertaking is deemed to be profitable, you have sufficient money reserved for the down payment, you have shown yourself competent in earlier real estate ventures, you have significant equity in the home or property or you can show a clear-cut plan to take care of the loan. And having fast closings of just 14 days, private real estate mortgages in Kansas City may very well be the ideal solution for serious real estate investors.

Most real estate investors work with Kansas City private mortgage lenders when:

1. They want funds to remodel a home and property and sell it for a higher price or to up the lease amount for renters.

   For example, there was this customer who owned a 2-family rental property. He held enough equity available in the property and the rent payments brought in routine monthly income. Although some remodeling work to the property might have enabled him to collect higher rent, a bank would definitely have turned down his loan request, because his credit score was down at 520. When he contacted Read Rock Capital for financing, we were pleased to complete a cash-out refinance at 65% of the duplex's market value.

2. They wish to combine their unpaid debts.

   Countless unsecured debts with a range of interest rates are often too much to handle and difficult to keep tabs on. On that basis, numerous people get a loan against their home's equity to consolidate all their outstanding debts into one loan payment.

3. They wish to utilize the existing equity in their current property to work on another real estate investment.

   For instance, one of Island View's clients located in Hawaii had a home valued at more than one million dollars. When he was not able to find a buyer for the house, he signed a lease-option-to-buy contract with someone. The income that came from the rent paid for his ongoing mortgage expenses, home owner's insurance, and property taxes. Additionally, he received a two hundred thousand dollars non-refundable downpayment for the three year lease contract. With these assurances handling the home's financial obligations on a recurring basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan to help with his next real estate investment. The money helped him afford a new investment property and also deal with his original mortgage.

4. They need help to meet the balloon payment for a previous mortgage loan.

   If a borrower is unable to make a balloon payment due to unexpected causes, he can try and refinance his loan with another lending company. A refinance can help the borrower avoid missing the cut-off date for the balloon payment and avoid fines.

Looking to discuss your mortgage alternatives with a private mortgage lender in Kansas City? Complete the form on this page or get in touch with us via phone to talk about your property or properties.