Private Real Estate Mortgages in Roanoke

Private real estate financing involves finding a short-term mortgage through a privately owned firm or individual as a way to purchase, perform improvements on or refinance a property or home. Roanoke private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are offered to self-employed applicants.

That's why, while it's possible you have bad credit, having a promising real estate opportunity, a sizeable down payment, previous real estate experience, and an intelligible exit strategy are more relevant in regards to qualifying for private money for a real estate loan. What's more, Roanoke private real estate mortgages close fast to ensure that you get funding right away, helping you close within a few short weeks.

Most real estate investors work with Roanoke private mortgage lenders when:

  1. They need to update or repair the property so they can offer it for sale at a much higher price point or to bring in higher monthly rental fees.

    To illustrate, one of our clients had a duplex. He had already built up sufficient equity in the asset and the rent payments was a recurring source of income. A number of select home renovations would undoubtedly help him bump up his rental prices, but because of a lower credit score of 520, it was extremely probable that a bank would turn down the mortgage application. Right after he got in contact with Read Rock Capital to obtain financing, we were able to do a cash-out refinance for 65% of the house's value.

  2. They want to combine all of their financial debts into just one loan.

    The majority of people find that it's stressful to manage numerous payments each and every month. To successfully put together a more manageable situation, some people merge their outstanding debts into one single mortgage loan with one payment per month.

  3. They want to utilize their house's existing equity for another real estate deal.

    One of our customers in Hawaii had a house worth over $1,000,000. While it was challenging for him to secure an interested party for the house, he had someone that was wanting to lease it with the option to buy. The amount of rent was enough to take care of his regular mortgage payment, property taxes and insurance payments. The tenant also consented to pay two hundred thousand dollars in the form of an advance payment for the three year agreement. With these assurances handling the home's bills on a regular basis, he approached Read Rock Capital to obtain a 70% LTV private mortgage loan to aid in his subsequent purchase of an investment property. This means that he was able to make the deposit for his next investment, and also repay his existing mortgage.

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

    If a borrower can't pay a balloon payment resulting from unexpected causes, he can try to refinance the loan with an alternative lender. A cash-out refinance will help the person make the balloon payment and escape penalty.

Do you need a private mortgage lender in Roanoke to fund your real estate investment? Complete the contact form or get in touch with us via phone to talk about your property.

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Investment property loans only please, no primary residences at this time.