Private real estate financing can help investors pay for, fix up or refinance a property using a short-term mortgage from a privately owned firm or an individual. Pompano Beach private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available to self-employed applicants.

That's fantastic news for investors considering that anyone with lousy credit can opt for private money for a real estate loan so long as he has a promising project, he has enough money for a downpayment, he has proven himself competent in real estate, and he has a plan for an exit strategy. Additionally, Pompano Beach private real estate mortgages close fast to supply you with financing right away, allowing you to close within a few short weeks.

Most real estate investors turn to Pompano Beach private mortgage lenders when:

1. They want funds to repair a house and sell it for a much higher price or to rent it out for more money.

   As an example, a past investor had a duplex. He'd already built up ample equity available in the building and the monthly rent checks was a regular revenue stream. He wanted to do some modifications to the property so that he could keep his rents high, but a below average credit score of 520 meant a bank would undoubtedly turn down his mortgage application. So he reached out to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They want to combine their personal debts.

   Numerous unsecured debts with a range of rates are often too much to handle and difficult to keep track of. As a result, numerous people do a loan from their home's equity to consolidate each of their unsecured debts into just one manageable payment.

3. They want to utilize the existing equity in an existing property to do an additional project.

   Here is an example. A borrower located in Hawaii owned a property valued at $1,200,000. Though it was difficult for him to secure an interested party for the house, he had someone that was open to lease it with the option to purchase it. The rent amount was sufficient to cover the cost of his monthly mortgage bill, taxes and homeowner's insurance payments. The tenant also agreed to pay two hundred thousand dollars as a deposit for the 3-year agreement. Using these sureties to handle the property's financial obligations on a regular basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan for his next real estate investment. This gave him plenty of money to put towards a downpayment or his next investment, but also made it easier for him to deal with the current mortgage.

4. The balloon payment for a preexisting loan is owed soon and they cannot handle it.

   If an unanticipated event prevents someone from hitting his balloon payment deadline, he can approach a different loan company to refinance. A cash-out refinance will help the person complete the balloon payment and escape consequences.

Looking to connect with a private mortgage lender in Pompano Beach to go over financing alternatives for your upcoming project? Enter your info into the contact form or give us a call to talk about your property.