Private real estate financing involves obtaining a short-term loan from a private firm or individual as a way to purchase, carry out upgrades on or refinance a property. Although standard lending institutions, for example, banks have an extended, time consuming application process and are more than likely to hesitate to offer money to a self-employed applicant, private mortgage loans in Mauldin close fast and are easy to qualify for.

So even if you don't have very good credit, having a promising real estate opportunity, a considerable down payment, prior experience, and a good exit strategy are much more relevant when it comes to being qualified for private money for a real estate loan. What's more, the fast closing Mauldin private real estate mortgages provide you with funding right away, letting you close a deal within a few short weeks.

In general, investors get a hold of a private mortgage lender in Mauldin when:

1. They want to renovate or make repairs to the home and property to allow them to market it at a higher price or to get higher rents.

   E.g. one of our clients owned a duplex. At the time, he had plenty of equity available in the house and the rent checks delivered steady cash flow. A number of choice home enhancements would help him raise the cost of rent, but because of a low credit score of 520, it was extremely certain for a bank to turn down the loan application. Thus, he reached out to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They've got multiple unsecured debts and desire to combine them.

   Multiple debts with varying interest rates are often very overwhelming and hard to manage. This is why a lot of people make the decision to make the most of the equity available in their house to combine all their unsecured debts into only one private mortgage loan with a lone payment per month.

3. They want to take advantage of the equity available in a current home and property to work on a different project.

   One of Island View's customers located in Hawaii had a residence valued at $1M. Though it was hard for him to secure a purchaser for the property, he had somebody who was ready to lease it having an option to purchase it. The rent checks were adequate to pay for the cost of his monthly mortgage bill, taxes and cost of insurance. Additionally, he was given a $200,000 non-refundable advance payment for the 3 year lease agreement. The signed agreement meant that he did not have to worry about the property's ongoing financial obligations, and so when another great investment opportunity showed up, he reached out to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This allowed him to pay an advance on the deposit for his next property, and at the same time repay his present mortgage.

4. They need help to meet the balloon payment for the current loan.

   If an unanticipated incident hinders a borrower from meeting his balloon payment deadline, he could find a different company to refinance. A refinance will help him avoid missing the due date for the balloon payment and avoid consequences.

Want to discuss your financing alternatives with a private mortgage lender in Mauldin? Enter your info into the contact form or get in touch with us via phone to talk about your property or properties.