Countless real estate investors rely upon private real estate financing to acquire a new home or property, or remodel or refinance one they already own. As opposed to bank loans, Olathe private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

Which means that whether or not you have a good credit score, there is still a high likelihood of getting private money for a real estate loan as long as your real estate project is deemed to be profitable, you have enough money reserved for the downpayment, you have proven yourself able in prior real estate investments, you have significant equity in the property or home or you can show a clear-cut plan to pay off the loan. In addition, Olathe private real estate mortgages close fast to grant you financing without delay, helping you close on a deal within weeks.

Most individuals use Olathe private mortgage lenders when:

1. They want capital to fix up a home and offer it for a much higher price point or to up the lease amount for tenants.

   Real example: one of our clients held a two-unit rental. He held plenty of equity available in the building and the rent payments generated regular income each month. While a few upgrades to the units may have enabled him to charge higher rent, a bank would definitely have turned down his loan request, because his credit score was a mere 520. And so he reached out to Read Rock Capital to get a cash-out refinance and obtained financing at 65% LTV.

2. They would like to consolidate personal debts.

   Most people find it stressful to make multiple payments every month. This is why many people make the decision to make use of the equity in their property to combine all their unsecured debts into a single loan which has a single monthly payment.

3. They prefer to utilize their home's equity for another purchase.

   One of Island View's customers in Hawaii had a residence worth $1M. He wanted to sell the house but that never transpired and he ultimately was forced to be content with leasing the place, with the option to purchase it at a later time. The lease payouts helped him meet his current mortgage payment, property taxes and homeowner's insurance. The renter also included $200k for a non-refundable down payment as he signed the 3-year contract. Using these assurances to handle the home's financial obligations on an ongoing basis, he phoned Read Rock Capital to get a 70% loan-to-value private mortgage loan to help with his subsequent purchase of an investment property. The borrowed funds helped him afford a new investment property and in addition, deal with his initial mortgage.

4. The balloon payment for their current private mortgage is due and they are unable to pay it.

   A person who invests in real estate and has a prior private mortgage and is not able to pay for the balloon payment caused by a change of circumstances can submit an application for refinancing from another loan company. Refinancing right before the term date enables you to meet the due date for the balloon payment and stay clear of penalty charges associated with failing to make the balloon payment.

Hoping to connect with a private mortgage lender in Olathe to talk about funding alternatives for your upcoming real estate investment? Enter your info into the form or get in touch with us via phone and let's discuss the project you have in mind.