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Countless real estate investors rely on private real estate financing to buy a new property, or rehab or refinance an existing one. As opposed to loans from banks, Mississippi private mortgage loans are fast closing, have minimal eligibility criteria and available to self-employed customers.
Meaning that regardless of whether you have a good credit score, you've still got a good chance of obtaining private money for a real estate loan provided that your project is deemed to be profitable, you have enough money to set aside for the downpayment, you have shown yourself competent in earlier real estate projects, you have substantial equity in the property or home or you have a legitimate plan to pay back the loan. In addition, the fast closing Mississippi private real estate mortgages ensure that you get financing right away, allowing you to close a deal within two to three weeks.
Most individuals depend on Mississippi private mortgage lenders when:
They want to find funds to renovate a home and property and market it at a much higher price point or to rent it out for more money.
As an example, one of our customers owned a duplex. He had already built a good amount of equity available in the asset and the monthly rent checks was a recurring revenue stream. Although several improvements to the units would've enabled him to charge more rent, a bank would likely have turned down the mortgage request, because his credit score was down at 520. Thus, he reached out to Read Rock Capital to get a cash-out refinance and acquired a loan at 65% LTV.
They're stuck with numerous unsecured debts and would like to consolidate them.
Numerous outstanding debts with various interest rates are quite overwhelming and difficult to keep an eye on. To arrange a more reasonable situation, people consolidate each of their financial debts into only one line of credit with just one monthly payment.
They want to employ the equity in one property or home and invest in another one.
For example, a customer located in Hawaii owned his residence which was appraised at $1,200,000. When he was not able to find a buyer for the house, he signed a lease-option-to-buy deal with an interested party. The lease payments helped him meet his current mortgage payment, property taxes and homeowner's insurance. The tenant also put $200k towards a non-refundable down payment as part of signing the three year contract. With the help of these assurances to pay for the house's foreseeable financial obligations, he stumbled on a new investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to 70% of the property's appraised value. This means that he was able to make the deposit for the new property, and also help with his current mortgage.
The balloon payment for an existing loan is owed soon and they can't handle it.
If someone can't pay a balloon payment thanks to unforeseen factors, he can try and refinance his loan with an alternative mortgage company. A cash-out refinance will help you make the balloon payment and escape fines.
Interested in discussing your mortgage options with a private mortgage lender in Mississippi? Submit the contact form on this page or get in touch with us via phone to talk about your property.
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