Many real estate investors rely upon private real estate financing to pay for a new property, or rehab or refinance an existing one. In contrast to loans from banks, Leesburg private mortgage loans are fast closing, easy qualifying and accessible to self-employed individuals.

That's good for investors considering that even someone with poor credit can opt for private money for a real estate loan provided that he has a deal that shows promise, he has enough cash for a down payment, he has demonstrated himself able in earlier real estate investments, and he has a good exit strategy. Besides, if you need a fast closing, you won't find any available alternatives better than Leesburg private real estate mortgages.

Commonly, customers get in contact with a private mortgage lender in Leesburg when:

1. They want to update or repair the property to be able to offer it for sale at an increased price or to charge higher rents.

   To illustrate, one of our clients had a twin-home / duplex. He already retained plenty of equity in the house and the rent checks delivered steady cash flow. A few choice home enhancements would allow him to boost the cost of rent, but with a bad credit score of 520, it was highly probable that a bank would turn down the mortgage request. Shortly after he approached Read Rock Capital to obtain a mortgage, we were pleased to do a cash-out refinance for 65% of the property's valuation.

2. They have multiple unsecured debts and desire to combine them.

   Many people think it is stressful to take care of multiple payments every month. For this reason, some people decide to utilize the equity in their home to merge all their financial debts into only one private mortgage with a lone payment per month.

3. They want to utilize their home's existing equity for an additional real estate deal.

   As one example, a client located in Hawaii owned his residence which was valued at $1.2M. Though it was tough for him to get a buyer for the house, he had identified a person that was ready to lease it with the option to buy. The income that stemmed from the rental payments paid for his ongoing mortgage payment, insurance, and property taxes. In addition, he was given a $200k non-refundable advance payment for the 3-year agreement. With these assurances handling the property's bills on an ongoing basis, he called Read Rock Capital to obtain a seventy percent LTV private mortgage loan to aid in his subsequent purchase of an investment property. This not only gave him plenty of money to use for a deposit or his next property, but also helped him pay off the current mortgage.

4. They have a previous loan and are not able to pay the pending balloon payment.

   A person who invests in real estate and has a prior private mortgage loan and isn't able to afford the balloon payment caused by a change in circumstances can fill out an application for refinancing from an alternative lending company. A cash-out refinance helps you make the balloon payment and escape penalty.

Want to discuss loan programs with a private mortgage lender in Leesburg? Complete the contact form on this page or call us and let's talk about the property or properties you have in mind.