Private real estate financing entails getting a short-term mortgage through a private firm or individual person with the intention to buy, perform improvements on or refinance a home or property. In contrast to bank loans, Marion private mortgage loans are fast closing, easy qualifying and obtainable by self-employed customers.

This is good news for investors because even anyone with poor credit can obtain a private money for a real estate loan provided that he has a project that shows strong potential, he has plenty of cash for a downpayment, he has demonstrated himself capable in earlier real estate projects, and he has a good exit strategy. And with fast closings of only 14 days, private real estate mortgages in Marion are a perfect choice for ambitious real estate investors.

In general, people contact a private mortgage lender in Marion when:

1. They're looking for capital to renovate a house and offer it at a higher price point or to up the lease amount for tenants.

   For instance, we had a borrower who owned a two-family rental property. He had already built up considerable equity available in the house and the monthly rent checks was a routine source of income. He wanted to perform some upgrades to the place to help keep his rents high, but a lower credit score of 520 meant a bank would doubtless turn down the mortgage application. So he turned to Read Rock Capital for a cash-out refinance and got a loan at 65% LTV.

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

   The majority of people find that it's stressful to take care of multiple payments on a monthly basis. To help put together a more workable situation, some people consolidate all their debts into one single line of credit with just one payment per month.

3. They want to employ the existing equity in one house and purchase another one.

   For instance, one of Island View's clients in Hawaii had a house appraised above one million bucks. His plans to sell the house never transpired and he ultimately had to be content with leasing the home to someone, with an option to buy at a future time. The rental agreement payouts served to meet his current mortgage, taxes and insurance. The renter also gave two hundred thousand dollars in the form of a non-refundable deposit as he signed the 3-year lease. These assurances meant that he no longer had to be concerned about the home's ongoing expenses, so when another promising investment opportunity showed up, he found Read Rock Capital and got a private mortgage loan at seventy percent LTV. This not only gave him enough money to use for a deposit on his next home, but additionally helped him repay the existing mortgage.

4. They already have an existing private loan and can't afford the looming balloon payment.

   A real estate investor who has a prior private mortgage and cannot pay for the balloon payment as a result of a change in circumstances can submit an application for refinancing from a new lender. A cash-out refinance will help you pay the balloon payment and escape consequences.

Hoping to discuss mortgage programs with a private mortgage lender in Marion? Fill out the contact form or give us a call to discuss your project.