Private real estate financing helps investors buy, fix up or refinance a property using a short-term loan from a private firm or an individual. Whereas conventional lenders such as banks require a prolonged, time consuming application process and are more than likely to hesitate to loan money to a self-employed applicant, private mortgage loans in Parkersburg close fast and are easy qualifying.

That's great news for real estate investors since even someone with lousy credit can obtain a private money for a real estate loan given that he has a project that shows strong potential, he has plenty of cash for a down payment, he has shown himself capable in the real estate market, and he can show a preplanned exit strategy. In addition to this, if you would like a fast closing, you will not come across many options better than Parkersburg private real estate mortgages.

Normally, people get in touch with a private mortgage lender in Parkersburg when:

1. They need funds to fix up a home and sell it at a higher price or to up the lease amount for renters.

   By way of example, we had a borrower with a 2-family rental. He'd already built sufficient equity available in the building and the monthly rent checks was a regular revenue stream. He desired to perform some improvements to the place so that he could keep his rents high, but a low credit score of 520 meant a bank would undoubtedly turn down the loan request. When he contacted Read Rock Capital to obtain financing, we were happy to complete a cash-out refinance at 65% of the duplex's value.

2. They have multiple personal debts and want to consolidate them.

   Multiple unsecured debts with various rates can be extremely overwhelming and difficult to keep an eye on. To put together a more manageable situation, some people consolidate their outstanding debts into a single mortgage loan with only one monthly payment.

3. They want to make use of the equity available in a current property to work on an additional project.

   To provide an example, a borrower in Hawaii had a property appraised at $1,200,000. When he could not procure a buyer for the house, he entered into a lease-option-to-buy deal with somebody. The funds that came from the lease covered his ongoing mortgage expenses, insurance, and property taxes. Additionally, he received a $200,000 non-refundable advance payment for the 3 year agreement. The signed agreement meant he no longer needed to worry about the home's future expenses, and so when another promising investment opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at 70% LTV. This means that he could make his down payment for the new property, and also pay down his existing mortgage.

4. The balloon payment for a preexisting mortgage is due and they are not able to afford it.

   A real estate investor who already has an existing private mortgage and cannot pay for the balloon payment on account of a change of circumstances can submit an application for refinancing from an alternative lending company. A refinance can help him hit the cut-off date for the balloon payment and steer clear of any penalties.

Searching for a private mortgage lender in Parkersburg to help you afford your real estate investment? Complete the contact form on this page or call us and let's discuss your property.