Private real estate financing can help investors pay for, remodel or refinance a home using a short-term mortgage from a privately owned company or an individual. Miami private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are open to self-employed individuals.

That's good for investors since even somebody with bad credit can obtain a private money for a real estate loan assuming that he has a promising project, he has plenty of cash for a down payment, he has demonstrated himself capable in the real estate market, and can show a sensible exit strategy. Additionally, the fast closing Miami private real estate mortgages supply you with funding right away, allowing you to close on a deal within 2-3 weeks.

Commonly, clients get a hold of a private mortgage lender in Miami when:

1. They wish to renovate or repair the property to allow them to sell it at a higher price point or to ask for higher rents.

   As an example, a past investor owned a twin-home / duplex. He'd already built ample equity in the building and the monthly rent checks was a recurring source of income. A few select home renovations would undoubtedly help him boost his rents, but having a bad credit score of 520, it was extremely certain for a bank to turn down his loan application. Right after he approached Read Rock Capital to obtain a loan, we were able to complete a cash-out refinance for 65% of the house's appraised value.

2. They need to merge all their debts into one single loan.

   Countless debts with a range of rates are often too much to handle and tough to keep an eye on. On that basis, many individuals borrow against their home equity to merge all of their unsecured debts into a single loan.

3. They want to unlock the equity in one property or home and invest in another one.

   As an example, one of Island View's previous clients in Hawaii had a house appraised in excess of one million bucks. When he was unable to procure a buyer for his property, he inked a lease-option-to-buy deal with somebody. The lease payments made it possible to meet his existing mortgage expenses, property taxes and insurance. The person furthermore consented to pay two hundred thousand dollars for a downpayment for the 3-year lease contract. Using these assurances to take care of the home's financial obligations on a recurring basis, he contacted Read Rock Capital to obtain a seventy percent LTV private mortgage loan to aid in his upcoming real estate investment. This gave him plenty of cash to use for a downpayment on his next investment, but also helped him pay off the current mortgage.

4. The balloon payment for a prior loan is due and they are not able to pay it.

   If an unanticipated mishap prevents a person from making his balloon payment deadline, he could find an alternative company to refinance. A cash-out refinance will help the borrower complete the balloon payment and escape penalty.

Searching for a private mortgage lender in Miami to fund your investment purchase? Submit the form on this page or give us a call to talk about your property.