A lot of real estate investors use private real estate financing to buy a new property or home, or update or refinance an existing one. In contrast to bank loans, Oak Lawn private mortgage loans are fast closing, have minimal eligibility criteria and available to self-employed customers.

Thus, even if you don't have very good credit, having a promising opportunity, a considerable downpayment, past real estate experience, and a good exit strategy are far more important when it comes to being approved for private money for a real estate loan. In addition to this, if you would like a fast closing, there are few options better than Oak Lawn private real estate mortgages.

Most individuals use Oak Lawn private mortgage lenders when:

1. They want to find capital to repair a house and market it for a higher price point or to rent it out at a higher monthly amount.

   E.g. one of our borrowers owned a twin-home / duplex. He held a great deal of equity available in the building and the rent payments generated regular income each month. A handful of select home improvements would help him increase the cost of rent, but having a low credit score of 520, it was very probable for a bank to turn down the loan request. Thus, he turned to Read Rock Capital to do a cash-out refinance and received a loan at 65% LTV.

2. They wish to consolidate financial debts.

   Numerous outstanding debts with varying interest rates are often too much to handle and challenging to keep tabs on. This is why some people decide to make use of the equity in their property to combine their outstanding debts into a single mortgage having a single payment per month.

3. They prefer to release the equity in one home or property and purchase a different one.

   As one example, a client located in Hawaii had a house valued at $1.2M. He wanted to sell the house but that did not work out and he eventually was forced to be content with leasing the home to someone, with an option to buy at a later date. The rent amount was sufficient to handle the cost of his ongoing mortgage bill, taxes and cost of insurance. The renter also went ahead and paid him two hundred thousand dollars for a deposit for the three year agreement. With the help of these sureties to cover the home's foreseeable bills, he came across another great real estate opportunity and got into contact with Read Rock Capital for a private mortgage loan nearly 70% of the home's value. This enabled him to make the deposit for his next property, and furthermore repay his current mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they can't afford it.

   A real estate investor who already has an existing private mortgage loan and is unable to pay for the balloon payment because of a change in circumstances can fill out an application for refinancing from another company. Refinancing prior to the term date allows you to meet the deadline for the balloon payment and avert any consequences related to failing to pay the balloon payment.

Hoping to meet a private mortgage lender in Oak Lawn to go over loan alternatives for your next investment? Fill out the contact form on this page or call us and let's discuss your project.