Many real estate investors rely upon private real estate financing to acquire a new property, or update or refinance one they already own. Although typical lenders like banks require an extended, drawn out application process and in all likelihood will be reluctant to give money to a self-employed borrower, private mortgage loans in close fast and are easy qualifying.

Meaning that whether or not you have a good credit score, there is still a strong likelihood of qualifying for private money for a real estate loan so long as your project is presumed to be profitable, you have sufficient money available for the down payment, you have proven yourself competent in the real estate market in the past, you have sizeable equity in the home or you have a clear plan to repay the loan. Furthermore, if you want a fast closing, you won't come across any alternatives better than Petersburg private real estate mortgages.

Most borrowers turn to Petersburg private mortgage lenders when:

1. They need to renovate or repair the home in order to offer it for sale at an increased price point or to ask for higher monthly rental fees.

   For example, we had a borrower with a two-family rental. At the time, he retained a lot of equity available in the property and the rent checks generated steady income. A handful of select home renovations would undoubtedly help him increase his rents, but because of a bad credit score of 520, it was highly likely for a bank to turn down the loan request. Hence, the borrower contacted Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which provided him a loan for 65% of the home's market value.

2. They wish to combine their financial debts.

   A lot of people know how stressful it is to manage multiple payments every month. To help make the situation more manageable, some people consolidate each of their unsecured debts into only one mortgage loan with one monthly payment.

3. They prefer to release the existing equity in one home or property and acquire another one.

   One of Island View's borrowers in Hawaii owned a home worth $1.2 million. When he could not procure a buyer for his house, he entered into a lease-option-to-buy arrangement with somebody. The rent amount was adequate to pay for his ongoing mortgage payment, property taxes and insurance obligations. In addition, he was given a $200,000 non-refundable down payment for the 3-year lease. These assurances meant that he no longer had to concern himself with the property's future financial obligations, and so when a new real estate investment opportunity surfaced, he reached out to Read Rock Capital and got a private mortgage loan at 70% LTV. This not only gave him plenty of money to use for a down payment or his next property, but additionally made it easier for him to pay down the current mortgage.

4. They want assistance to satisfy the balloon payment for a previous private loan.

   If someone is not able to meet a balloon payment because of unforeseen causes, he can try to refinance the loan with another mortgage lender. A refinance will help the person avoid missing the cut-off date for the balloon payment and steer clear of any fees and penalties.

Looking to discuss mortgage options with a private mortgage lender in Petersburg? Complete the contact form on this page or get in touch with us via phone and let's talk about your property or properties.