Private real estate financing involves finding a short-term mortgage through a private business or individual with the intention to buy, perform improvements on or refinance a home or property. Palm Bay private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are offered to self-employed borrowers.

This means that even if your credit score recently went through the wringer, there is still a high likelihood of receiving private money for a real estate loan as long as your investment is deemed to be profitable, you have enough money to use for the down payment, you have demonstrated yourself able in the real estate market previously, you have substantial equity in the property or you can show a well-defined plan to pay back the balance of the loan. In addition to this, if you're searching for a fast closing, you won't find any available alternatives better than Palm Bay private real estate mortgages.

Most borrowers talk with Palm Bay private mortgage lenders when:

1. They are in need of funds to repair a home and offer it for sale at a higher price point or to up the lease amount for renters.

   For example, there was a client with a two-family rental. He held an abundance of equity available in the building and the rent payments generated regular income each month. He sought to perform some upgrades to the property in order to maintain high rents, but a lower credit score of 520 meant that a bank would turn down his mortgage application. After he got in touch with Read Rock Capital to obtain a mortgage, we were able to complete a cash-out refinance for 65% of the property's appraised value.

2. They would like to combine their debts.

   Multiple outstanding debts with varying rates are often too much to handle and challenging to keep tabs on. As a result, some individuals get a loan against a property's equity to consolidate all their financial debts into one single manageable payment.

3. They want to utilize their house's equity for some other real estate deal.

   To provide an example, a borrower located in Hawaii had a property valued at $1.2M. When he was not able to secure a buyer for the property, he agreed to a lease-option-to-buy contract with someone. The lease payments helped him meet his existing mortgage payment, property taxes and homeowner's insurance. The renter also went ahead and paid him 200k in the form of a deposit for the 3 year agreement. These sureties meant he no longer needed to worry about the property's ongoing expenses, and so when another promising real estate investment opportunity surfaced, he came to Read Rock Capital and got a private mortgage loan at 70% LTV. This not only gave him adequate money to put towards a downpayment on his next home, but also made it easier for him to pay down the existing mortgage.

4. They already have a preexisting private loan and cannot afford the pending balloon payment.

   If a borrower cannot make a balloon payment as a result of unforeseen causes, he can seek to refinance the loan with a different lending company. A refinance will help the person hit the due date for the balloon payment and prevent any fines.

Wanting to connect with a private mortgage lender in Palm Bay to go over loan options for your upcoming project? Submit the form on this page or get in touch with us via phone to discuss the property you have in mind.