Countless real estate investors go with private real estate financing to buy a new property or home, or renovate or refinance an existing one. Although standard lenders, for example, banks require an extended, drawn out application process and are likely to be reluctant to give money to a self-employed customer, private mortgage loans in Pembroke Pines close fast and have minimal eligibility criteria.

It means that even if your credit score just went through the wringer, there is still a strong likelihood of getting private money for a real estate loan so long as your project is deemed to be profitable, you have enough capital to put towards the downpayment, you have proven yourself capable in past real estate projects, you have significant equity contained in the property or you can show a clear plan to take care of the loan. Combined with fast closings of fourteen days, private real estate mortgages in Pembroke Pines may very well be the right alternative for serious real estate investors.

In general, people contact a private mortgage lender in Pembroke Pines when:

1. They want to find money to repair a property and market it at a much higher price point or to rent it out for more money.

   Real example: one of our customers operated a 2-unit rental property. He already retained a significant amount of equity in the house and the rent brought in a steady revenue. Though a few upgrades to the property might have helped him ask for higher rent, a bank would have turned down the loan request, due to the fact his credit score was a mere 520. When he got in contact with Read Rock Capital to obtain a mortgage, we were glad to do a cash-out refinance for 65% of the duplex's valuation.

2. They wish to consolidate their debts.

   Many of us know how stressful it is to make countless payments each month. To successfully make the situation more manageable, some people combine each of their financial debts into only one loan with just one monthly payment.

3. They would like to capitalize on the equity available in their existing home to do another real estate investment.

   Here is an example. A customer located in Hawaii owned a home appraised at $1.2M. When he could not find a buyer for the home, he agreed to a lease-option-to-buy arrangement with someone. The rental agreement payouts helped him meet his existing mortgage, taxes and homeowner's insurance. The renter also went ahead and paid two hundred thousand dollars as an advance payment for a three year lease contract. With this collateral to cover the home's foreseeable expenses, he came across another great real estate opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan around 70% of the property's valuation. The money helped him afford a different investment property and in addition, pay off his original mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they can not pay it.

   A real estate investor who currently has an existing private mortgage and cannot pay for the balloon payment thanks to a change of circumstances can fill out an application for refinancing from a different lender. Refinancing prior to the due date allows you to make the due date for the balloon payment and stay clear of penalty charges in connection with failing to pay the balloon payment.

Looking to discuss financing options with a private mortgage lender in Pembroke Pines? Complete the form or get in touch with us via phone and let's discuss the property or properties you have in mind.