Private real estate financing means getting a short-term loan via a privately owned firm or individual in order to buy, carry out improvements on or refinance a home or property. In contrast to bank loans, O’Neill private mortgage loans are fast closing, easy qualifying and accessible to self-employed applicants.

That is good for investors since an individual with lousy credit can apply for private money for a real estate loan as long as he has a promising project, he has enough money for a down payment, he has demonstrated himself competent in earlier real estate investments, and has a sensible exit strategy. Besides, if you would like a fast closing, you will not find many available alternatives better than O’Neill private real estate mortgages.

In general, investors get in touch with a private mortgage lender in O’Neill when:

1. They want to remodel or make repairs to the property or home to be able to offer it for sale at a much higher price point or to charge higher monthly rental fees.

   E.g. a past client owned a twin-home / duplex. At the time, he retained plenty of equity available in the property and the rent generated steady revenue. He sought to do some modifications to the property to be able to maintain high rents, but a low credit score of 520 meant that a bank would turn down his mortgage application. Consequently, the borrower called Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that in turn provided him a loan for 65% of the property's assessed value.

2. They're saddled with numerous personal debts and want to consolidate them.

   Numerous debts with a range of lending rates can be very overwhelming and tough to keep an eye on. In order to arrange a more workable situation, people combine all of their unsecured debts into one single mortgage loan with one monthly payment.

3. They prefer to employ the existing equity in one property or home and use it to buy another one.

   One of Island View's customers in Hawaii owned a home valued at $1M. When he could not procure a buyer for the home, he agreed to a lease-option-to-buy deal with someone. The rent checks were more than enough to pay for the cost of his monthly mortgage bill, property taxes and cost of homeowner's insurance. He also received a $200,000 non-refundable downpayment for the 3-year contract. With the help of these sureties to cover the home's foreseeable expenses, he came across another great real estate opportunity and approached Read Rock Capital to obtain a private mortgage loan close to seventy percent of the home's valuation. This not only gave him plenty of capital to use for a downpayment on his next investment, but also made it easier for him to repay the current mortgage.

4. They want assistance to satisfy the balloon payment for the existing mortgage.

   If an unforeseen event prevents a person from meeting his balloon payment deadline, he can find a new loan company to refinance. A refinance can help him hit the due date for the balloon payment and steer clear of any penalty charges.

Planning to discuss mortgage alternatives with a private mortgage lender in O’Neill? Submit the contact form on this page or give us a call and let's talk about your property or properties.