Countless real estate investors go with private real estate financing to pay for a new home or property, or renovate or refinance an existing one. Although traditional lending institutions such as banks have a prolonged, time consuming application process and are more than likely to hesitate to lend money to a self-employed client, private mortgage loans in Keokuk close fast and are easy to qualify for.

So while you might don't have good credit, having a promising real estate opportunity, a considerable down payment, prior real estate experience, and a well-defined exit strategy are a great deal more important when being approved for private money for a real estate loan. In addition, Keokuk private real estate mortgages close fast to provide you with financing without delay, letting you close on a deal within 2-3 weeks.

Typically, investors approach a private mortgage lender in Keokuk when:

1. A rehab or update can help to market the house at a higher price point or get significantly more rent.

   E.g. a past borrower had a twin-home / duplex. He held an abundance of equity available in the house and the rent checks generated routine monthly income. He wanted to perform some improvements to the property to be able to keep his rents high, but a low credit score of 520 meant that a bank would undoubtedly turn down his mortgage application. Hence, the client approached Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which in turn got him financing for 65% of the property's market value.

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

   Multiple debts with different rates can be extremely overwhelming and tough to keep tabs on. To set up a more manageable situation, some people combine their unsecured debts into only one mortgage loan with only one monthly payment.

3. They wish to use their property's equity for a different purchase.

   One of our borrowers in Hawaii had a property worth $1.2 million. His plans to sell the house did not happen and he finally was forced to be content with leasing the property to someone, with the option to purchase it down the road. The amount of rent was more than enough to pay for the cost of his ongoing mortgage bill, property taxes and cost of insurance. The person also consented to pay $200,000 in the form of a deposit for a three year lease contract. With this collateral to take care of the house's foreseeable expenses, he stumbled on a new investment opportunity and approached Read Rock Capital for a private mortgage loan around seventy percent of the home's value. This not only gave him plenty of capital to put towards a down payment on his next property, but additionally helped him repay the existing mortgage.

4. They already have a preexisting mortgage and cannot pay the looming balloon payment.

   If an unanticipated event stops someone from meeting his balloon payment deadline, he can find a different lender to refinance. Refinancing before the due date enables the borrower to make the deadline for the balloon payment and avert any fines related to failing to pay the balloon payment.

Looking for a private mortgage lender in Keokuk to help you afford your real estate investment? Complete the form or call us and let's talk about the property you have in mind.