Private real estate financing can help investors purchase, remodel or refinance a home using a short-term mortgage from a private company or an individual. As opposed to bank loans, Killeen private mortgage loans close fast, are easy to qualify for and open to self-employed customers.

Meaning that even if you do not have a very good credit score, there is still a high likelihood of receiving private money for a real estate loan provided that your investment is viewed to be profitable, you have ample capital available for the downpayment, you have shown yourself able in the real estate market in the past, you have sizeable equity contained in the home or you can show an intelligible plan to pay back the loan. Combined with fast closings of just two weeks, private real estate mortgages in Killeen may very well be the ideal choice for serious real estate investors.

Commonly, people get in touch with a private mortgage lender in Killeen when:

1. A remodeling job or restoration will make it possible to sell the home at a higher price point or charge additional rent.

   For instance, we had a borrower with a 2-unit rental property. At the time, he had plenty of equity available in the building and the rent checks delivered steady income. While some upgrades to the units would have enabled him to collect more rent, a bank would most likely have turned down his loan application, since he had a credit score of only 520. Accordingly, he turned to Read Rock Capital to do a cash-out refinance and received a loan at 65% LTV.

2. They would like to combine each of their debts into one payment.

   Multiple unsecured debts with various lending rates can be too much to handle and challenging to manage. To help put together a more reasonable situation, people combine each of their debts into one single line of credit with one payment per month.

3. They want to take advantage of the equity in a current property or home to work on a different real estate project.

   For instance, one of Island View's clients located in Hawaii had a house valued at more than a million dollars. When he failed to find a buyer for his property, he entered into a lease-option-to-buy deal with someone. The rent amount was more than enough to pay for the cost of his ongoing mortgage bill, taxes and homeowner's insurance payments. In addition, he was given a two hundred thousand dollars non-refundable deposit for the three year agreement. With these assurances covering the home's monthly payments on a recurring basis, he approached Read Rock Capital for a seventy percent LTV private mortgage loan for his subsequent purchase of an investment property. This gave him ample money to use for a deposit or his next property, but additionally made it easier for him to deal with the current mortgage.

4. The balloon payment for their current private loan is due and they can't pay it.

   If a borrower is unable to make a balloon payment because of unanticipated factors, he can try and refinance the loan with an alternative loan provider. Refinancing right before the due date helps the borrower to meet the due date for the balloon payment and avert any fees and penalties related to failing to make the balloon payment.

In search of a private mortgage lender in Killeen to finance your real estate investment? Submit the form or give us a call and let's talk about the property you have in mind.