Private Real Estate Mortgages in Orlando
Private real estate financing means finding a short-term mortgage via a privately owned firm or individual with the intention to buy, perform upgrades on or refinance a home. Orlando private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are available for self-employed applicants.
That's why, while you might don't have good credit, having a real estate opportunity with good potential, a considerable down payment, previous real estate experience, and a clear-cut exit strategy are much more relevant when being eligible for private money for a real estate loan. And with fast closings of just 2 weeks, private real estate mortgages in Orlando may very well be the ideal alternative for serious real estate investors.
Generally, investors contact a private mortgage lender in Orlando when:
- They wish to renovate or fix up the property so they can offer it for sale at a much higher price or to fetch higher rents.
E.g. a past borrower owned a twin-home / duplex. He previously built up ample equity available in the building and the rent was a regular source of income. A number of select home upgrades would help him increase his rents, but with a poor credit score of 520, it was very likely that a bank would turn down his loan request. After he got into contact with Read Rock Capital to obtain financing, we were happy to complete a cash-out refinance at 65% of the duplex's valuation.
- They've got numerous unsecured debts and prefer to combine them.
Numerous outstanding debts with a range of interest rates can be extremely overwhelming and difficult to keep tabs on. To successfully make the situation more manageable, some people merge each of their outstanding debts into just one loan with just one monthly payment.
- They would like to use their home's equity for an additional home purchase.
By way of example, one of our previous borrowers in Hawaii had a home valued at more than one million bucks. His plans to sell the house didn't work out and he ultimately was forced to be satisfied with leasing the property to an interested party, with the option to buy down the road. The revenue that came from the rental payments took care of his monthly mortgage bill, home owner's insurance, and property taxes. The renter also put $200,000 in the form of a non-refundable advance payment as he signed the 3-year lease contract. With the help of these assurances to take care of the property's foreseeable financial obligations, he ran across a new real estate opportunity and approached Read Rock Capital to obtain a private mortgage loan around seventy percent of the property's appraised value. This not only gave him enough money to put towards a deposit or his next property, but also helped him pay off the existing mortgage.
- They need assistance to satisfy the balloon payment for a previous private loan.
A person who invests in real estate and has a previous private mortgage loan and cannot afford the balloon payment because of a change in circumstances can fill out an application for refinancing from a new company. A cash-out refinance can help the borrower pay the balloon payment and evade penalty.
In search of a private mortgage lender in Orlando to finance your investment purchase? Enter your info into the form on this page or give us a call to talk about your property or properties.
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