Private real estate financing gives assistance to investors who want to purchase, renovate or refinance a home utilizing a short-term loan from a private business or an individual. Whereas traditional lending institutions such as banks will require a prolonged, drawn out application process and in all likelihood will think twice about lending money to a self-employed customer, private mortgage loans in Oak Creek close fast and are easy to qualify for.

Thus, even if you have bad credit, having a promising real estate opportunity, a substantial down payment, previous real estate experience, and an intelligible exit strategy are more crucial in terms of qualifying for private money for a real estate loan. And having fast closings of just fourteen days, private real estate mortgages in Oak Creek are the right solution for ambitious real estate investors.

Most real estate investors work with Oak Creek private mortgage lenders when:

1. They're looking for money to fix a home and offer it for a much higher price or to up the lease amount for tenants.

   By way of example, we had this customer with a 2-family rental property. He had already built considerable equity in the house and the monthly rent checks was a recurring source of income. A few choice home upgrades would undoubtedly allow him to raise his rental prices, but since he had a poor credit score of 520, it was extremely certain for a bank to turn down his mortgage request. After he got in contact with Read Rock Capital to get a mortgage, we were pleased to complete a cash-out refinance at 65% of the duplex's appraised value.

2. They wish to consolidate their debts.

   Many people think it is stressful to manage multiple payments every month. Because of this, some people make the decision to make use of the equity in their property to consolidate all their financial debts into one mortgage which has a single monthly payment.

3. They would like to utilize their property's existing equity for an additional home purchase.

   One of our borrowers in Hawaii had a house valued at $1M. His plans to sell the house did not happen and he finally had to be satisfied with leasing the home, with an option to buy at a future time. The rental agreement payments made it possible to meet his existing mortgage payment, taxes and homeowner's insurance. Additionally, he was given a $200k non-refundable downpayment for the three year lease agreement. These sureties meant he did not have to worry about the home's ongoing financial obligations, and thus, when a new investment opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. The money helped him cover the cost of a different investment property as well as pay off his primary mortgage.

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

   If an unforeseen incident stops a borrower from hitting his balloon payment deadline, he could find another mortgage lender to refinance. A refinance can help the person avoid missing the due date for the balloon payment and avoid penalties.

Looking for a private mortgage lender in Oak Creek to finance your real estate investment? Submit the contact form on this page or give us a call to discuss your property.