Private real estate financing gives assistance to real estate investors who want to buy, renovate or refinance a property via a short-term mortgage from a privately owned company or an individual. Whereas standard lenders such as banks have a lengthy, drawn out application process and are more than likely to hesitate to lend money to a self-employed individual, private mortgage loans in Opelousas close fast and have minimal eligibility requirements.

This means that regardless of whether you have a good credit score, there is still a high likelihood of obtaining private money for a real estate loan if your real estate project is regarded as profitable, you have enough capital to set aside for the downpayment, you have demonstrated yourself able in real estate in the past, you have substantial equity contained in the home or you have an intelligible plan to pay back the balance of the loan. Combined with fast closings of only 2 weeks, private real estate mortgages in Opelousas are a perfect choice for real estate investors.

Primarily, customers count on Opelousas private mortgage lenders to supply capital for their real estate ventures when:

1. They wish to update or repair the home to enable them to offer it for sale at a higher price or to ask for higher rents.

   One example is an applicant who held a 2-family rental property. He held plenty of equity in the house and the rent payments brought in regular monthly income. Some select home enhancements would undoubtedly allow him to boost his rents, but with a lower credit score of 520, it was very certain for a bank to turn down his loan application. Shortly after he contacted Read Rock Capital to obtain a loan, we were pleased to complete a cash-out refinance at 65% of the home's assessed value.

2. They're saddled with multiple outstanding debts and desire to consolidate them.

   A lot of people think it is stressful to manage countless payments on a monthly basis. On that basis, lots of people borrow from their home's equity to merge all their debts into just one loan.

3. They want to make use of the equity available in their existing property to work on another real estate project.

   For instance, one of our previous borrowers in Hawaii had a home appraised above one million bucks. Though it was challenging for him to secure a buyer for the house, he had identified someone that was wanting to lease it with the option to purchase it. The funds that came from the rent covered his regular mortgage expenses, home owner's insurance, and property taxes. The renter also put $200,000 for a non-refundable downpayment when he signed the 3 year lease. Having these sureties to take care of the property's expenses on a recurring basis, he phoned Read Rock Capital to obtain a 70% loan-to-value private mortgage loan for his upcoming investment. This gave him plenty of cash to put towards a downpayment on his next property, but also helped him repay the existing mortgage.

4. They want help to meet the balloon payment for the current private loan.

   If an unforeseen event prevents someone from making his balloon payment due date, he can approach an alternative loan provider to refinance. A cash-out refinance helps you complete the balloon payment and evade consequences.

Planning to discuss mortgage programs with a private mortgage lender in Opelousas? Complete the form on this page or give us a call and let's discuss your property or properties.