Countless real estate investors rely upon private real estate financing to buy a new property or home, or update or refinance one they already have. Lake Charles private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available for self-employed applicants.

This means that whether or not you have a good credit score, you still have a high probability of getting private money for a real estate loan as long as your undertaking is regarded as profitable, you have ample money to use for the down payment, you have proven yourself capable in prior real estate investments, you have significant equity in the property or you have a legitimate plan to take care of the loan. In addition, the fast closing Lake Charles private real estate mortgages grant you financing without delay, allowing you to close a deal within 2-3 weeks.

Most borrowers talk with Lake Charles private mortgage lenders when:

1. They wish to renovate or fix up the house to allow them to offer it for sale at a higher price or to fetch higher monthly rental fees.

   As an example, one of our borrowers owned a duplex. He previously built up considerable equity in the property and the rent was a routine income source. He wanted to complete some improvements to the units to be able to maintain high rents, but a low credit score of 520 meant that a bank would doubtless turn down his loan application. When he approached Read Rock Capital to obtain a mortgage, we were glad to complete a cash-out refinance at 65% of the home's value.

2. They would like to combine all their debts into just one loan.

   A lot of people find that it's stressful to deal with multiple payments each month. This is why many people decide to make the most of the equity in their property to combine their debts into a single loan having a lone monthly payment.

3. They want to take advantage of the equity available in their current home and property to do an additional project.

   By way of example, one of Island View's past borrowers in Hawaii had a house valued at over a million dollars. When he was not able to secure a buyer for the house, he signed a lease-option-to-buy deal with somebody. The rental agreement income served to meet his existing mortgage, taxes and homeowner's insurance. The renter also gave two hundred thousand dollars for a non-refundable downpayment as he signed the three year lease. These assurances meant that he no longer had to worry about the property's future expenses, and so when another great real estate opportunity showed up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. The financing helped him afford a new investment as well as pay off his original mortgage.

4. The balloon payment for a previous mortgage is owed soon and they can not pay it.

   If a person is not able to meet a balloon payment because of unforeseen factors, he can make an effort to refinance his loan with a different lending company. A cash-out refinance will help the person pay the balloon payment and evade penalty.

Interested in discussing mortgage programs with a private mortgage lender in Lake Charles? Fill out the form on this page or call us and let's discuss the property or properties you have in mind.