Countless real estate investors use private real estate financing to buy a new home, or rehab or refinance one they already own. Unlike loans from banks, Radford private mortgage loans are fast closing, have minimal eligibility criteria and available to self-employed individuals.

So while it's possible you don't have good credit, having a promising real estate opportunity, a sizeable down payment, past experience in real estate, and a good exit strategy are far more crucial when it comes to being eligible for private money for a real estate loan. And with fast closings of just fourteen days, private real estate mortgages in Radford are a perfect choice for ambitious real estate investors.

Most individuals work with Radford private mortgage lenders when:

1. They want to renovate or repair the home and property so that they can market it at an increased price point or to get higher monthly rental fees.

   E.g. a past investor had a duplex. He already retained a good deal of equity available in the house and the rent delivered steady revenue. Though a few enhancements to the property would have enabled him to command higher rent, a bank would most likely have turned down the mortgage application, given that his credit score was merely 520. Shortly after he got in contact with Read Rock Capital to get financing, we were pleased to complete a cash-out refinance at 65% of the duplex's market value.

2. They're saddled with numerous debts and wish to combine them.

   A lot of people find it stressful to manage numerous payments each and every month. On that basis, some individuals borrow from their home equity to combine all of their outstanding debts into a single loan.

3. They want to take advantage of their home's existing equity for some other real estate deal.

   As an example, one of our past customers in Hawaii had a place appraised at over a million bucks. Though it was difficult for him to get an interested party for the home, he had identified someone who was willing to lease it having the option to purchase it. The lease income made it possible to meet his existing mortgage payment, property taxes and insurance. The renter also agreed to pay him 200k in the form of an advance payment for a 3 year agreement. These assurances meant that he did not have to be concerned about the property's ongoing financial obligations, and as a result, when another promising real estate investment opportunity came up, he came to Read Rock Capital and received a private mortgage loan at 70% LTV. This allowed him to make the down payment for the new property, and at the same time pay down his existing mortgage.

4. They have an existing loan and can't afford the pending balloon payment.

   If an unexpected event prevents someone from making his balloon payment deadline, he could find another loan company to refinance. Refinancing prior to the term date allows you to meet the deadline for the balloon payment and avert any fines related to failing to pay the balloon payment.

Hoping to meet a private mortgage lender in Radford to talk about loan programs for your next real estate investment? Complete the form or give us a call to discuss your property.