Private real estate financing entails getting a short-term mortgage loan from a private business or individual person in order to purchase, perform upgrades on or refinance a property. Contrary to loans from banks, Oakdale private mortgage loans close fast, are easy to qualify for and accessible to self-employed customers.

That means that even if your credit score just went through the wringer, there is still a strong likelihood of getting private money for a real estate loan if your real estate project is presumed to be profitable, you have enough money to set aside for the downpayment, you have proven yourself capable in earlier real estate ventures, you have considerable equity contained in the home or property or you have a legitimate plan to pay back the balance of the loan. Additionally, Oakdale private real estate mortgages close fast to grant you funding right away, letting you close on a deal within weeks.

Most borrowers use Oakdale private mortgage lenders when:

1. A remodeling job or restoration will help to sell their property at a much higher price or get additional rent.

   One example is an applicant who operated a 2-family rental. He'd already built sufficient equity in the property and the rent payments was a recurring revenue stream. A few choice home enhancements would undoubtedly allow him to increase his rents, but since he had a low credit score of 520, it was extremely likely for a bank to turn down his loan application. So he reached out to Read Rock Capital to obtain a cash-out refinance and acquired financing at 65% LTV.

2. They're stuck with multiple personal debts and desire to consolidate them.

   Numerous outstanding debts with various interest rates can be extremely overwhelming and hard to keep track of. This is the reason some people make the decision to take advantage of the equity in their house to combine all of their debts into only one loan which has a single payment per month.

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

   As an example, one of Island View's previous customers in Hawaii had a property appraised in excess of a million bucks. He wanted to sell the house but that didn't work out and he ultimately was forced to be content with leasing the house to an interested party, with an option to buy down the road. The lease payments made it possible to meet his existing mortgage, taxes and homeowner's insurance. The renter also agreed to pay 200k in the form of a down payment for a three year contract. Having these sureties to take care of the property's expenses on a regular basis, he contacted Read Rock Capital to obtain a 70% LTV private mortgage loan to aid in his upcoming real estate investment. This means that he was able to make a downpayment for his next investment, and also pay down his current mortgage.

4. The balloon payment for a prior loan is due and they can not handle it.

   If a person cannot meet a balloon payment because of unforeseen causes, he can try to refinance the loan with a different lending company. A cash-out refinance will help the person pay the balloon payment and escape fines.

Wanting to make contact with a private mortgage lender in Oakdale to talk about funding programs for your upcoming investment? Submit the form on this page or call us and let's discuss the property or properties you have in mind.