Private real estate financing can help investors pay for, fix up or refinance a home or property using a short-term mortgage loan from a privately owned business or an individual. Palmer private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are open to self-employed individuals.

Thus, while it's possible you don't have good credit, having a promising real estate opportunity, a substantial down payment, previous real estate experience, and a clear-cut exit strategy are far more important in regards to being qualified for private money for a real estate loan. And with fast closings of only two weeks, private real estate mortgages in Palmer are a perfect choice for real estate investors.

Normally, clients get a hold of a private mortgage lender in Palmer when:

1. They are searching for funds to repair a property or home and put it up for sale for a higher price or to up the lease amount for tenants.

   One example is a borrower who held a 2-family rental. He had a great deal of equity available in the building and the rent brought in routine monthly income. He sought to complete some modifications to the place to help keep his rents high, but a lower credit score of 520 meant that a bank would turn down his loan request. Hence, the customer approached Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that gave him a loan for 65% of the home's value.

2. They've got multiple outstanding debts and desire to consolidate them.

   Multiple outstanding debts with varying lending rates can be extremely overwhelming and tough to keep tabs on. To make the situation more manageable, some people combine all of their unsecured debts into just one mortgage loan with only one monthly payment.

3. They would like to release the existing equity in one house and use it to buy a different one.

   To provide an example, a customer in Hawaii owned a property valued at $1.2M. When he was not able to secure a buyer for the home, he inked a lease-option-to-buy deal with an interested party. The rent checks were more than enough to cover the cost of his ongoing mortgage bill, property taxes and homeowner's insurance obligations. The person furthermore consented to pay 200k for an advance payment for a 3-year lease contract. These sureties meant that he no longer needed to worry about the home's ongoing expenses, so when another promising real estate investment opportunity showed up, he came to Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. This allowed him to make the downpayment for his next investment, and furthermore repay his existing mortgage.

4. The balloon payment for a prior mortgage is due and they cannot afford it.

   If an unforeseen mishap prevents a borrower from meeting his balloon payment due date, he can contact a different mortgage company to refinance. A refinance will help him hit the due date for the balloon payment and avoid fees and penalties.

Wanting to connect with a private mortgage lender in Palmer to talk about funding alternatives for your next project? Submit the contact form on this page or give us a call to talk about the property or properties you have in mind.