Countless real estate investors turn to private real estate financing to acquire a new home or property, or rehab or refinance one they already own. Picayune private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed borrowers.

Meaning that regardless of whether you have a good credit score, there is still a strong likelihood of getting private money for a real estate loan as long as your project is viewed to be profitable, you have adequate capital reserved for the downpayment, you have shown yourself able in past real estate projects, you have significant equity in the property or home or you can show a clear plan to pay back the balance of the loan. And having fast closings of just 2 weeks, private real estate mortgages in Picayune may very well be the perfect choice for serious real estate investors.

Mostly, borrowers ask Picayune private mortgage lenders to fund their projects when:

1. They would like to renovate or fix up the house in order to sell it at an increased price point or to ask for higher monthly rental fees.

   For example, there was a client who owned a two-unit rental. He had enough equity available in the house and the rent brought in regular monthly income. He wanted to perform some upgrades to the place so that he could keep his rents high, but a lower credit score of 520 meant a bank would turn down his mortgage request. When he got into contact with Read Rock Capital to get a loan, we were pleased to complete a cash-out refinance for 65% of the home's valuation.

2. They wish to combine financial debts.

   Numerous unsecured debts with varying interest rates are very overwhelming and challenging to keep an eye on. Due to this, lots of people get a loan from a property's equity to consolidate each of their financial debts into one manageable payment.

3. They want to make use of the existing equity in their existing property or home to do a different real estate project.

   One of Island View's customers located in Hawaii had a house worth $1M. When he was unable to find a buyer for his property, he agreed to a lease-option-to-buy contract with an interested party. The rental agreement income helped him meet his current mortgage, taxes and homeowner's insurance. Additionally, he received a $200k non-refundable advance payment for the three year agreement. These assurances meant that he no longer needed to worry about the home's ongoing expenses, and thus, when another great real estate investment opportunity surfaced, he reached out to Read Rock Capital and received a private mortgage loan at seventy percent loan to value. This gave him more than enough money to put towards a down payment on his next investment, but also made it easier for him to repay the existing mortgage.

4. The balloon payment for a preexisting mortgage is due and they can't pay it.

   If someone can't meet a balloon payment as a result of unforeseen causes, he can make an effort to refinance his loan with another mortgage lender. A refinance will help the borrower avoid missing the cut-off date for the balloon payment and prevent any fees and penalties.

Looking to meet a private mortgage lender in Picayune to discuss loan programs for your upcoming project? Submit the form on this page or get in touch with us via phone to discuss the property or properties you have in mind.