Private real estate financing involves obtaining a short-term loan via a private firm or individual to be able to purchase, carry out upgrades on or refinance a property. While standard lending institutions like banks require an extended, time consuming application process and are more than likely to be reluctant to offer money to a self-employed borrower, private mortgage loans in Mount Pleasant close fast and have minimal eligibility criteria.

Which means that irrespective of the level of your credit score, you still have a high probability of receiving private money for a real estate loan so long as your undertaking is presumed to be profitable, you have enough money to put towards the downpayment, you have proven yourself capable in earlier real estate ventures, you have considerable equity in the property or you can show a clear-cut plan to pay back the balance of the loan. And having fast closings of just fourteen days, private real estate mortgages in Mount Pleasant are the right choice for serious real estate investors.

Generally, clients get a hold of a private mortgage lender in Mount Pleasant when:

1. They wish to renovate or repair the property or home so that they can offer it at a much higher price or to ask for higher rents.

   Real example: one of our customers owned a 2-family rental property. He had already built up a good amount of equity available in the building and the rent was a routine income source. Some select home renovations would undoubtedly allow him to bump up his rental prices, but because of a lower credit score of 520, it was highly certain for a bank to turn down the mortgage application. After he got into contact with Read Rock Capital for a loan, we were glad to complete a cash-out refinance at 65% of the duplex's market value.

2. They wish to combine their unpaid debts.

   Numerous outstanding debts with varying interest rates are quite overwhelming and hard to keep track of. To successfully set up a more workable situation, some people merge their outstanding debts into one single mortgage loan with only one monthly payment.

3. They would like to use their home's existing equity for some other purchase.

   One of Island View's customers in Hawaii had a home worth over $1,000,000. His plans to sell the house didn't happen and he finally was forced to be content with leasing the home, with the option to buy at a future time. The rent checks were adequate to take care of the cost of his monthly mortgage bill, taxes and cost of homeowner's insurance. The renter also consented to pay 200k for a downpayment for the 3 year lease contract. Having these assurances to handle the property's bills on an ongoing basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan to aid in his subsequent purchase of an investment property. The financing helped him pay for a different investment and also pay down his original mortgage.

4. They need assistance to meet the balloon payment for a previous loan.

   A real estate investor who already has an existing private loan and is not able to afford the balloon payment because of a change in circumstances can apply for refinancing from a different lender. A refinance can help him hit the cut-off date for the balloon payment and steer clear of any penalties.

Are you searching for a private mortgage lender in Mount Pleasant to help you afford your real estate investment? Submit the form on this page or get in touch with us via phone and let's discuss your project.