Many real estate investors rely upon private real estate financing to purchase a new property or home, or renovate or refinance one they already own. Contrary to bank loans, La Plata private mortgage loans close fast, are easy to qualify for and offered to self-employed customers.

That's why, even if you don't have good credit, having a promising opportunity, a sizeable downpayment, previous real estate experience, and a clear exit strategy are a great deal more important when being qualified for private money for a real estate loan. Combined with fast closings of just 2 weeks, private real estate mortgages in La Plata are the right solution for serious real estate investors.

Normally, customers contact a private mortgage lender in La Plata when:

1. They wish to renovate or fix up the house to allow them to sell it at an increased price point or to bring in higher rents.

   As an example, one of our clients had a twin-home / duplex. He held an abundance of equity available in the building and the rent generated regular income each month. A number of choice home renovations would undoubtedly allow him to bump up the cost of rent, but with a lower credit score of 520, it was very likely for a bank to turn down his mortgage request. Thus, he came to Read Rock Capital to obtain a cash-out refinance and received a loan at 65% LTV.

2. They've got multiple debts and wish to consolidate them.

   Countless outstanding debts with a range of rates can be extremely overwhelming and hard to keep tabs on. To help make the situation more manageable, people combine all their outstanding debts into just one mortgage loan with one payment per month.

3. They want to use the existing equity within their current home and property to work on a different project.

   As an example, one of Island View's previous clients located in Hawaii had a place valued at over one million dollars. Because it was difficult for him to find an interested party for the home, he had found someone that was ready to lease it with an option to purchase it. The amount of rent was sufficient to take care of his ongoing mortgage payment, property taxes and cost of homeowner's insurance. The tenant also gave two hundred thousand dollars in the form of a non-refundable down payment as part of signing the three year agreement. Having these assurances to cover the property's expenses on a regular basis, he phoned Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan to help with his next investment. This not only gave him adequate cash to use for a down payment on his next home, but additionally made it easier for him to pay down the current mortgage.

4. They want assistance to meet the balloon payment for the existing loan.

   If a borrower cannot make a balloon payment thanks to unforeseen factors, he can make an effort to refinance the loan with another lender. Refinancing right before the term date allows the borrower to make the due date for the balloon payment and avoid penalties associated with missing the balloon payment.

Hoping to find a private mortgage lender in La Plata to fund your real estate investment? Complete the form on this page or get in touch with us via phone and let's talk about your project.