Private Real Estate Mortgages in Peoria

Private real estate financing involves finding a short-term mortgage loan via a privately owned company or individual person to be able to buy, perform upgrades on or refinance a property or home. In contrast to loans from banks, Peoria private mortgage loans close fast, are easy to qualify for and accessible to self-employed customers.

It means that even if your credit score recently went through the wringer, you still have a good chance of receiving private money for a real estate loan if your real estate project is presumed to be profitable, you have enough money to use for the down payment, you have demonstrated yourself capable in past real estate projects, you have sizeable equity in the property or home or you have a clear-cut plan to pay off the loan. Furthermore, if you are looking for a fast closing, you won't come across any available alternatives better than Peoria private real estate mortgages.

Frequently, clients pay a visit to Peoria private mortgage lenders to lend money for their endeavors when:

  1. They are in need of money to fix a home and offer it for sale at a much higher price point or to up the lease amount for tenants.

    To illustrate, one of our customers had a twin-home / duplex. He held enough equity in the house and the rent generated routine monthly income. A handful of select home enhancements would help him raise his rents, but with a below average credit score of 520, it was very likely that a bank would turn down the mortgage application. For that reason, the borrower approached Read Rock Capital (Read Rock Capital) to do a cash-out refinance that in turn provided him a loan for 65% of the duplex's appraised value.

  2. They have multiple unsecured debts and would like to consolidate them.

    Many of us know how stressful it is to deal with countless payments every month. This is why many people decide to make the most of the equity in their home to combine each of their financial debts into a single private loan having a single payment per month.

  3. They would like to make use of the equity within a current property or home to do a different real estate investment.

    For example, a borrower in Hawaii had a house valued at $1.2M. When he could not procure a buyer for the property, he entered into a lease-option-to-buy arrangement with someone. The money that came from the rental payments took care of his continuing mortgage bill, home owner's insurance, and property taxes. The tenant also agreed to pay 200k for an advance payment for the three year lease contract. Having this collateral to cover the house's foreseeable bills, he discovered another great real estate opportunity and got in touch with Read Rock Capital for a private mortgage loan close to 70% of the property's estimated value. This means that he was able to make the deposit for his next investment, and also repay his present mortgage.

  4. The balloon payment for an existing loan is owed soon and they are not able to pay it.

    If a person is unable to make a balloon payment thanks to unexpected factors, he can attempt to refinance the loan with a different loan company. A cash-out refinance will help you complete the balloon payment and escape penalty.

Intending to discuss mortgage programs with a private mortgage lender in Peoria? Complete the form or call us to talk about your project.

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Investment property loans only please, no primary residences at this time.