Private real estate financing helps investors buy, fix up or refinance a home utilizing a short-term loan from a private company or an individual. Plum private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed borrowers.

That's why, while it's possible you have bad credit, having a promising opportunity, a substantial down payment, past real estate experience, and a good exit strategy are much more relevant in regards to qualifying for private money for a real estate loan. And having fast closings of only 14 days, private real estate mortgages in Plum may very well be the perfect solution for ambitious real estate investors.

In general, people get in contact with a private mortgage lender in Plum when:

1. They want to renovate or make repairs to the home and property so they can sell it at an increased price point or to bring in higher monthly rental fees.

   For example, we had this customer who owned a 2-family rental. He held a great deal of equity in the building and the rent payments brought in routine income each month. He sought to complete some improvements to the place so that he could maintain high rents, but a low credit score of 520 meant a bank would turn down the mortgage application. And so he came to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They're stuck with multiple debts and would like to consolidate them.

   Many people think it is stressful to deal with numerous payments every month. Due to this fact, numerous people borrow from their home's equity to consolidate their outstanding debts into a single mortgage loan.

3. They want to take advantage of the equity available in an existing house to work on a different project.

   For example, a customer in Hawaii had a house valued at $1,200,000. He wanted to sell the house but that never materialized and he eventually had to settle for leasing the property, with an option to purchase it down the road. The amount of rent was enough to pay for his regular mortgage payment, property taxes and cost of homeowner's insurance. The renter also gave $200,000 in the form of a non-refundable down payment as he signed the 3 year lease agreement. Having these assurances to cover the property's foreseeable expenses, he came across another great real estate opportunity and contacted Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the home's valuation. The money helped him finance a different investment property as well as repay his original mortgage.

4. The balloon payment for their current private mortgage is owed soon and they are unable to handle it.

   If an unforeseen event hinders a person from meeting his balloon payment deadline, he can find another loan company to refinance. A cash-out refinance can help you pay the balloon payment and escape fines.

Are you looking for a private mortgage lender in Plum to help you afford your real estate investment? Submit the form on this page or get in touch with us via phone to discuss your project.