Private real estate financing means obtaining a short-term loan through a privately owned company or individual person to be able to purchase, perform improvements on or refinance a home or property. Whereas standard lenders, for example, banks will require a prolonged, time consuming application process and in all likelihood will hesitate to lend money to a self-employed applicant, private mortgage loans in Ripley close fast and are easy qualifying.

So even if you have bad credit, having a promising real estate opportunity, a sizeable down payment, past real estate experience, and an intelligible exit strategy are much more crucial in terms of qualifying for private money for a real estate loan. Additionally, Ripley private real estate mortgages close fast to provide you with funding right away, allowing you to close within weeks.

Most individuals speak with Ripley private mortgage lenders when:

1. They want to remodel or repair the home and property so they can market it at a much higher price point or to bring in higher rents.

   Real example: one of our customers owned a 2-unit rental. At the time, he retained a good deal of equity available in the building and the rent checks delivered steady income. He wanted to complete some improvements to the property so that he could maintain high rents, but a below average credit score of 520 meant that a bank would turn down the mortgage request. Right after he contacted Read Rock Capital to obtain a mortgage, we were able to complete a cash-out refinance for 65% of the property's assessed value.

2. They want to combine financial debts.

   Numerous debts with various lending rates are often too much to handle and challenging to keep tabs on. To successfully make the situation more manageable, some people consolidate their unsecured debts into only one loan with one payment per month.

3. They would like to allocate their equity in one home or property and invest in a different one.

   One of our clients located in Hawaii owned a residence valued at $1.2 million. When he failed to procure a buyer for the property, he inked a lease-option-to-buy contract with somebody. The rental agreement income served to meet his existing mortgage payment, property taxes and insurance. He also was given a $200,000 non-refundable downpayment for the 3-year contract. With these assurances taking care of the property's monthly payments on an ongoing basis, he phoned Read Rock Capital to obtain a seventy percent LTV private mortgage loan for his next purchase of an investment property. This let him pay an advance on the down payment for his next investment, and also repay his current mortgage.

4. They need assistance to satisfy the balloon payment for a previous mortgage.

   A real estate investor who has a prior private loan and isn't able to afford the balloon payment thanks to a change in circumstances can submit an application for refinancing from a new lending company. Refinancing ahead of the due date allows the borrower to meet the deadline for the balloon payment and avert any penalty charges related to failing to make the balloon payment.

Wanting to make contact with a private mortgage lender in Ripley to discuss financing options for your next project? Enter your info into the contact form or get in touch with us via phone and let's discuss your property.