Private real estate financing gives assistance to investors who want to purchase, fix up or refinance a property or home via a short-term loan from a private business or an individual. Contrary to bank loans, Kennesaw private mortgage loans are fast closing, easy qualifying and offered to self-employed borrowers.

This is good for investors because even someone with weak credit can apply for private money for a real estate loan given that he has a promising project, he has plenty of cash for a down payment, he has shown himself capable in real estate, and has a plan for an exit strategy. In addition, Kennesaw private real estate mortgages close fast to ensure that you get financing without delay, letting you close within a few short weeks.

Most often, clients ask Kennesaw private mortgage lenders to supply capital for their projects when:

1. They are searching for capital to fix a home and sell it at a higher price point or to up the lease amount for renters.

   As an illustration, one of our borrowers operated a 2-unit rental property. He had already built up sufficient equity available in the property and the rent payments was a recurring source of income. A few select home improvements would help him boost the cost of rent, but since he had a poor credit score of 520, it was highly probable for a bank to turn down his mortgage application. When he got in contact with Read Rock Capital to get financing, we were glad to complete a cash-out refinance for 65% of the property's value.

2. They have numerous unsecured debts and wish to consolidate them.

   Countless debts with varying interest rates are too much to handle and hard to keep track of. In order to set up a more reasonable situation, some people combine all of their financial debts into a single line of credit with one payment per month.

3. They want to make use of the existing equity within their existing home to work on another project.

   For instance, one of our past borrowers located in Hawaii had a place valued at more than a million dollars. He wanted to sell the house but that never transpired and he ultimately was forced to settle for leasing the home, with the option to buy down the road. The amount of rent was enough to handle his monthly mortgage payment, taxes and insurance payments. Additionally, he was given a $200k non-refundable down payment for the three year agreement. These assurances meant he did not have to be concerned with the property's ongoing expenses, and so when a new real estate investment opportunity showed up, he reached out to Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. This enabled him to pay an advance on the downpayment for the new investment, and at the same time pay down his current mortgage.

4. They need help to meet the balloon payment for the current private loan.

   If a borrower is not able to meet a balloon payment as a result of unexpected factors, he can try and refinance the loan with a new loan company. A refinance can help the borrower hit the due date for the balloon payment and prevent any fees and penalties.

Hoping to find a private mortgage lender in Kennesaw to help you afford your real estate investment? Submit the form or give us a call to discuss the project you have in mind.