Numerous real estate investors use private real estate financing to buy a new home or property, or renovate or refinance an existing one. Although conventional lenders such as banks will require a prolonged, drawn out application process and are likely to think twice about loaning money to a self-employed individual, private mortgage loans in Mustang close fast and have minimal eligibility criteria.

That's why, even if you have poor credit, having a real estate opportunity with promise for profits, a sizeable down payment, previous experience, and a clear exit strategy are much more crucial in terms of qualifying for private money for a real estate loan. And with fast closings of just 2 weeks, private real estate mortgages in Mustang may very well be the ideal choice for serious real estate investors.

Frequently, customers rely upon Mustang private mortgage lenders to fund their real estate activities when:

1. They need funds to renovate a property or home and offer it at a much higher price point or to up the lease amount for tenants.

   For example, we had a borrower who owned a two-unit rental property. He had a great deal of equity in the building and the rent checks generated regular income each month. A number of choice home renovations would help him increase his rents, but because of a low credit score of 520, it was very probable for a bank to turn down his mortgage request. And so he came to Read Rock Capital to get a cash-out refinance and obtained financing at 65% LTV.

2. They want to combine their personal debts.

   Countless outstanding debts with different lending rates can be too much to handle and tough to keep tabs on. Because of this, numerous people make the decision to make the most of the equity in their residence to merge all their unsecured debts into only one private mortgage loan with a single payment per month.

3. They prefer to unlock their existing equity in one property or home and use it to acquire a different one.

   As an illustration, a customer located in Hawaii had his residence which was valued at $1.2M. His plans to sell the house didn't work out and he ultimately was forced to be satisfied with leasing the house to someone, with an option to purchase it at a later date. The funds that stemmed from the rental payments covered his continuing mortgage payment, home owner's insurance, and taxes. The renter furthermore agreed to pay two hundred thousand dollars as an advance payment for a 3 year contract. These sureties meant that he no longer needed to worry about the property's future expenses, and thus, when a new investment opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This means that he could make his downpayment for his next property, and also help with his existing mortgage.

4. The balloon payment for their current private loan is owed soon and they can't afford it.

   If an unexpected event prevents a borrower from making his balloon payment due date, he can find an alternative mortgage company to refinance. A refinance will help the borrower hit the cut-off date for the balloon payment and steer clear of any penalty charges.

Are you looking for a private mortgage lender in Mustang to finance your investment purchase? Submit the contact form on this page or call us and let's talk about your property or properties.