Numerous real estate investors turn to private real estate financing to pay for a new home or property, or rehab or refinance an existing one. Although traditional lenders, for example, banks have an extended, drawn out application process and are likely to hesitate to offer money to a self-employed customer, private mortgage loans in Pleasant Prairie close fast and are easy to qualify for.

That's good news for investors because a person with lousy credit can obtain a private money for a real estate loan provided that he has a project that shows promise, he has enough cash for a downpayment, he has proven himself able in past real estate investments, and he has a plan for an exit strategy. Furthermore, if you're searching for a fast closing, you won't find any alternatives better than Pleasant Prairie private real estate mortgages.

Most individuals talk with Pleasant Prairie private mortgage lenders when:

1. A rehab or restoration can allow them to market the house for a higher price or charge extra rent.

   For example, we had this customer with a two-unit rental property. He already had a lot of equity available in the property and the monthly rent generated steady income. He desired to perform some upgrades to the property to help maintain high rents, but a low credit score of 520 meant a bank would doubtless turn down his mortgage request. Accordingly, he turned to Read Rock Capital to get a cash-out refinance and acquired a loan at 65% LTV.

2. They want to combine their unpaid debts.

   Multiple debts with a range of interest rates can be very overwhelming and tough to keep an eye on. Because of this, some people make the decision to take advantage of the equity available in their residence to combine all their financial debts into just one private mortgage having a single payment per month.

3. They prefer to allocate the equity in one home and buy another one.

   One of our customers located in Hawaii had a residence worth $1M. When he could not secure a buyer for the home, he entered into a lease-option-to-buy arrangement with an interested party. The rental agreement payouts helped him meet his current mortgage payment, property taxes and insurance. The tenant also gave $200k for a non-refundable deposit as part of signing the 3 year lease contract. Having these assurances to take care of the home's financial obligations on a recurring basis, he called Read Rock Capital to obtain a 70% LTV private mortgage loan for his upcoming investment. This not only gave him plenty of capital to put towards a deposit on his next investment, but also helped him pay down the current mortgage.

4. The balloon payment for their current private loan is due and they cannot handle it.

   A real estate investor who already has an existing private loan and is unable to afford the balloon payment thanks to a change in circumstances can submit an application for refinancing from a different lender. Refinancing prior to the due date enables the borrower to make the due date for the balloon payment and stay clear of penalties related to failing to pay the balloon payment.

Looking to connect with a private mortgage lender in Pleasant Prairie to discuss financing alternatives for your upcoming real estate investment? Submit the contact form or give us a call to discuss your project.