Private real estate financing helps investors purchase, renovate or refinance a property or home utilizing a short-term mortgage loan from a privately owned company or an individual. As opposed to bank loans, Palm Coast private mortgage loans close fast, are easy to qualify for and obtainable by self-employed borrowers.

Thus, even if you have lousy credit, having a promising opportunity, a sizeable downpayment, prior experience in real estate, and a clear exit strategy are much more crucial in regards to being approved for private money for a real estate loan. What's more, Palm Coast private real estate mortgages close fast to give you financing right away, letting you close within two to three weeks.

Often, borrowers pay a visit to Palm Coast private mortgage lenders to supply capital for their projects when:

1. They need to renovate or make repairs to the home and property to allow them to market it at a higher price or to charge higher rents.

   Real example: one of our customers owned a two-family rental property. At the time, he had a good deal of equity available in the property and the rent delivered steady cash flow. While several upgrades to the units would have helped him command higher rent, a bank would likely have turned down the loan application, given that his credit score was down at 520. For that reason, the customer contacted Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which got him a loan for 65% of the duplex's valuation.

2. They're saddled with multiple debts and wish to combine them.

   Countless outstanding debts with various interest rates are very overwhelming and hard to keep tabs on. To help arrange a more manageable situation, people consolidate all of their debts into only one line of credit with only one payment per month.

3. They want to take advantage of their home's equity for a different purchase.

   As an example, one of our clients in Hawaii had a house valued at more than one million bucks. Because it was tough for him to secure an interested party for the place, he had identified an individual who was willing to lease it with the option to buy. The rental agreement income helped him meet his current mortgage, taxes and insurance. Additionally, he received a $200,000 non-refundable advance payment for the 3-year contract. Having these sureties to take care of the home's expenses on a recurring basis, he called Read Rock Capital to obtain a 70% loan-to-value private mortgage loan for his subsequent real estate investment. The loan helped him afford his next investment property and in addition, pay off his initial mortgage.

4. They need help to meet the balloon payment for the existing loan.

   If someone is unable to pay a balloon payment because of unforeseen factors, he can try and refinance the loan with a different lending company. A refinance can help the person avoid missing the due date for the balloon payment and avoid fees and penalties.

Looking to discuss loan programs with a private mortgage lender in Palm Coast? Fill out the contact form or give us a call and let's talk about the property or properties you have in mind.