Countless real estate investors rely upon private real estate financing to pay for a new property or home, or remodel or refinance one they already have. Martinsville private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are open to self-employed borrowers.

It means that whether or not you have a good credit score, there is still a high likelihood of qualifying for private money for a real estate loan so long as your project is viewed to be profitable, you have ample money reserved for the down payment, you have shown yourself competent in prior real estate ventures, you have substantial equity in the property or you have an intelligible plan to pay off the loan. Furthermore, if you're searching for a fast closing, you won't find any options better than Martinsville private real estate mortgages.

Most real estate professionals speak with Martinsville private mortgage lenders when:

1. They're in search of capital to renovate a property and put it up for sale for a higher price point or to up the lease amount for tenants.

   For example, there was a customer with a two-unit rental property. He had already built a good amount of equity in the building and the rent payments was a recurring income source. Though a few enhancements to the property would have helped him charge higher rent, a bank would likely have turned down the loan request, since he had a credit score of only 520. So he turned to Read Rock Capital to do a cash-out refinance and received financing at 65% LTV.

2. They have numerous debts and wish to consolidate them.

   Countless unsecured debts with a range of rates are incredibly overwhelming and challenging to keep track of. To help set up a more workable situation, some people consolidate their financial debts into only one loan with one monthly payment.

3. They want to take advantage of their property's equity for a different home purchase.

   By way of example, one of our borrowers in Hawaii had a house valued at more than a million dollars. Because it was hard for him to find a purchaser for his house, he had somebody who was willing to lease it with the option to purchase it. The income that came from the rental payments paid for his continuing mortgage payment, home owner's insurance, and taxes. The person furthermore agreed to pay 200k for a deposit for the three year lease contract. Having this collateral to pay for the home's foreseeable financial obligations, he discovered another promising investment opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan close to 70% of the property's estimated value. This let him make the down payment for the new property, and at the same time pay down his current mortgage.

4. They have an existing loan and are unable to pay the pending balloon payment.

   If a borrower cannot make a balloon payment resulting from unexpected causes, he can try and refinance his loan with another loan company. A refinance will help the borrower avoid missing the due date for the balloon payment and prevent any fees and penalties.

Hoping to find a private mortgage lender in Martinsville to finance your investment purchase? Fill out the contact form or give us a call and let's talk about your project.