Private real estate financing can help investors purchase, remodel or refinance a home utilizing a short-term mortgage from a privately owned company or an individual. As opposed to loans from banks, Midland private mortgage loans close fast, are easy to qualify for and available to self-employed applicants.

That's fantastic news for investors because even a person with lousy credit can apply for private money for a real estate loan provided that he has a deal that shows promise, he has plenty of cash for a downpayment, he has shown himself capable in prior real estate projects, and he has a sensible exit strategy. Additionally, Midland private real estate mortgages close fast to grant you funding without delay, helping you close on a deal within a few short weeks.

Typically, clients get in touch with a private mortgage lender in Midland when:

1. They need to remodel or repair the property so that they can market it at a much higher price point or to bring in higher monthly rental fees.

   One example is a customer who owned a two-unit rental. He had an abundance of equity available in the house and the rent checks brought in regular income each month. He sought to perform some improvements to the property in order to maintain high rents, but a low credit score of 520 meant a bank would undoubtedly turn down his loan application. Shortly after he approached Read Rock Capital for a loan, we were glad to complete a cash-out refinance at 65% of the house's assessed value.

2. They have multiple debts and would like to combine them.

   Multiple unsecured debts with various lending rates can be very overwhelming and hard to keep an eye on. On that basis, numerous people do a loan from a property's equity to merge their financial debts into one loan payment.

3. They would like to make use of the equity within their existing home and property to do another real estate project.

   As an example, one of our borrowers located in Hawaii had a property appraised at over a million bucks. While it was difficult for him to get an interested party for the house, he had found somebody who was wanting to lease it with the option to purchase it. The rent checks were more than enough to take care of his ongoing mortgage payment, taxes and cost of homeowner's insurance. In addition, he was given a $200k non-refundable downpayment for the 3-year contract. With these sureties taking care of the property's bills on an ongoing basis, he contacted Read Rock Capital for a 70% LTV private mortgage loan for his subsequent purchase of an investment property. This not only gave him enough money to use for a downpayment on his next property, but also helped him repay the current mortgage.

4. They have a previous mortgage and are unable to pay the pending balloon payment.

   A real estate investor who already has an existing private loan and cannot afford the balloon payment caused by a change of circumstances can fill out an application for refinancing from an alternative lender. A refinance will help the borrower avoid missing the cut-off date for the balloon payment and steer clear of any fees and penalties.

Wanting to make contact with a private mortgage lender in Midland to talk about loan programs for your upcoming project? Fill out the contact form on this page or give us a call to discuss your property or properties.