Private real estate financing means obtaining a short-term mortgage via a private company or individual person in order to buy, perform upgrades on or refinance a home. Contrary to loans from banks, Sandy Springs private mortgage loans close fast, are easy to qualify for and accessible to self-employed individuals.

Thus, even if you have lousy credit, having a promising opportunity, a significant down payment, prior experience, and a clear-cut exit strategy are more important when qualifying for private money for a real estate loan. In addition to this, if you need a fast closing, you won't find any available alternatives better than Sandy Springs private real estate mortgages.

Typically, people seek out a private mortgage lender in Sandy Springs when:

1. They would like to update or fix up the house to enable them to market it at a much higher price point or to get higher monthly rental fees.

   For example, we had this borrower with a 2-unit rental. He'd already built adequate equity available in the house and the monthly rent checks was a recurring income source. A handful of choice home renovations would allow him to bump up his rental prices, but with a poor credit score of 520, it was highly certain for a bank to turn down his loan request. And so he reached out to Read Rock Capital for a cash-out refinance and got a loan at 65% LTV.

2. They're saddled with multiple outstanding debts and would like to consolidate them.

   Multiple debts with various rates are very overwhelming and tough to keep tabs on. As a result, lots of people borrow from a property's equity to consolidate each of their debts into a single loan.

3. They wish to unlock the existing equity in one property or home and buy a different one.

   By way of example, one of Island View's past clients in Hawaii had a place appraised in excess of one million bucks. When he was not able to procure a buyer for the home, he agreed to a lease-option-to-buy deal with somebody. The rent amount was enough to pay for his ongoing mortgage payment, taxes and homeowner's insurance payments. The person also went ahead and paid him two hundred thousand dollars for an advance payment for a 3-year agreement. Having these sureties to handle the home's financial obligations on a regular basis, he called Read Rock Capital for a seventy percent loan-to-value private mortgage loan to help with his next real estate investment. This allowed him to pay an advance on the downpayment for the new property, and furthermore helped with his current mortgage.

4. They have an existing mortgage and are unable to afford the pending balloon payment.

   If an unforeseen event prevents a borrower from hitting his balloon payment due date, he could contact another mortgage company to refinance. A refinance will help the borrower hit the cut-off date for the balloon payment and prevent any penalties.

Want to discuss loan programs with a private mortgage lender in Sandy Springs? Fill out the contact form or call us to talk about the project you have in mind.