Private Real Estate Mortgages in Miami Gardens
Countless real estate investors rely on private real estate financing to buy a new home or property, or update or refinance one they already have. As opposed to bank loans, Miami Gardens private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed applicants.
This is good for investors considering that even somebody with weak credit can apply for private money for a real estate loan given that he has a project that shows promise, he has enough cash for a down payment, he has proven himself capable in real estate, and he has a sensible exit strategy. And with fast closings of only 2 weeks, private real estate mortgages in Miami Gardens may very well be the ideal choice for real estate investors.
Most borrowers use Miami Gardens private mortgage lenders when:
- They are in need of money to remodel a home and put it up for sale at a much higher price or to rent it out for more money.
For instance, there was this client with a 2-family rental. He had already built ample equity available in the house and the monthly rent checks was a routine income source. A number of choice home renovations would undoubtedly help him boost the cost of rent, but having a below average credit score of 520, it was highly certain for a bank to turn down his loan application. Accordingly, he reached out to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.
- They would like to consolidate personal debts.
Countless outstanding debts with different interest rates are often rather overwhelming and hard to keep tabs on. This is why numerous people choose to make use of the equity available in their house to consolidate their debts into just one mortgage having a single monthly payment.
- They want to allocate the existing equity in one property or home and use it to purchase another one.
One of our clients in Hawaii had a residence valued at $1.2 million. Since it was difficult for him to find an interested party for his house, he had identified a person who was wanting to lease it with the option to buy. The amount of rent was more than enough to take care of his monthly mortgage payment, taxes and insurance obligations. Additionally, he was given a $200k non-refundable downpayment for the 3 year lease agreement. The signed agreement meant he no longer needed to be concerned about the home's ongoing expenses, and as a result, when a new investment opportunity surfaced, he came to Read Rock Capital and got a private mortgage loan at 70% loan to value. This not only gave him enough capital to put towards a downpayment on his next investment, but additionally made it easier for him to pay off the existing mortgage.
- The balloon payment for a preexisting loan is owed soon and they are not able to afford it.
If someone cannot pay a balloon payment thanks to unforeseen causes, he can seek to refinance his loan with a new lending company. A refinance will help him hit the cut-off date for the balloon payment and steer clear of any penalties.
Planning to discuss your investment options with a private mortgage lender in Miami Gardens? Submit the contact form on this page or give us a call and let's talk about the property you have in mind.
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