Private real estate financing entails obtaining a short-term mortgage loan through a privately owned business or individual as a way to purchase, perform improvements on or refinance a home. Radcliff private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available to self-employed applicants.

That's why, in case you have poor credit, having a promising opportunity, a substantial down payment, previous real estate experience, and a clear exit strategy are more important in terms of being approved for private money for a real estate loan. Besides, if you are searching for a fast closing, you will not come across many available alternatives better than Radcliff private real estate mortgages.

Most real estate professionals talk with Radcliff private mortgage lenders when:

1. A remodeling job or renovation can help to market the home for a much higher price or ask for significantly more rent.

   As an example, one of our borrowers had a duplex. He already had plenty of equity available in the property and the rent payments delivered steady cash flow. A few choice home enhancements would undoubtedly help him increase his rents, but having a poor credit score of 520, it was extremely probable that a bank would turn down the loan request. When he contacted Read Rock Capital to obtain a loan, we were happy to do a cash-out refinance at 65% of the house's appraised value.

2. They've got numerous unsecured debts and would like to combine them.

   Multiple debts with a range of lending rates can be quite overwhelming and difficult to keep an eye on. As a result, some individuals get a loan from their home's equity to merge all of their outstanding debts into one single mortgage loan.

3. They would like to capitalize on the equity within their current house to work on another real estate project.

   By way of example, one of our past clients located in Hawaii had a home valued at more than one million dollars. When he could not procure a buyer for the property, he entered into a lease-option-to-buy deal with an interested party. The amount of rent was more than enough to take care of the cost of his ongoing mortgage bill, property taxes and cost of insurance. Additionally, he received a $200k non-refundable down payment for the 3-year lease agreement. The signed agreement meant that he no longer had to be concerned about the property's ongoing financial obligations, and as a result, when another great investment opportunity showed up, he came to Read Rock Capital and obtained a private mortgage loan at seventy percent loan to value. This not only gave him plenty of capital to put towards a downpayment or his next home, but additionally made it easier for him to pay down the existing mortgage.

4. They already have a preexisting private loan and are unable to afford the looming balloon payment.

   If someone can't make a balloon payment because of unforeseen causes, he can make an effort to refinance his loan with an alternative mortgage company. A refinance will help the borrower avoid missing the due date for the balloon payment and prevent any penalty charges.

Are you looking for a private mortgage lender in Radcliff to finance your investment purchase? Enter your info into the form on this page or call us and let's discuss your property or properties.