Private real estate financing involves finding a short-term mortgage via a privately owned company or individual in order to buy, perform improvements on or refinance a home or property. While conventional lending institutions, for example, banks have an extended, drawn out application process and in all likelihood will be reluctant to give money to a self-employed individual, private mortgage loans in Silver City close fast and are easy to qualify for.

So while it's possible you have bad credit, having a real estate opportunity showing good potential, a substantial downpayment, previous real estate experience, and a good exit strategy are much more relevant when it comes to qualifying for private money for a real estate loan. Besides, if you would like a fast closing, you won't find any options better than Silver City private real estate mortgages.

Most borrowers talk with Silver City private mortgage lenders when:

1. They wish to remodel or repair the property so that they can offer it at a higher price point or to bring in higher monthly rental fees.

   Real example: one of our borrowers owned a 2-family rental property. He had already built up ample equity in the building and the monthly rent checks was a recurring source of income. He desired to do some renovation to the units so that he could keep his rents high, but a lower credit score of 520 meant that a bank would undoubtedly turn down the loan application. Shortly after he approached Read Rock Capital to get a mortgage, we were happy to complete a cash-out refinance at 65% of the home's market value.

2. They've got numerous personal debts and want to consolidate them.

   Most people know how stressful it is to deal with multiple payments on a monthly basis. This is why numerous people make the decision to take advantage of the equity available in their home to merge all their outstanding debts into only one mortgage loan with a lone payment per month.

3. They wish to allocate the equity in one property or home and use it to buy a different one.

   As an example, one of Island View's previous borrowers in Hawaii had a house valued at over a million dollars. He wanted to sell the house but that didn't happen and he finally had to be content with leasing the house to an interested party, with the option to purchase it at a later time. The rent checks were enough to take care of his regular mortgage payment, taxes and homeowner's insurance obligations. He also received a $200,000 non-refundable advance payment for the 3-year agreement. With these assurances handling the property's financial obligations on an ongoing basis, he called Read Rock Capital for a seventy percent LTV private mortgage loan for his upcoming real estate investment. The loan helped him cover the cost of a new investment property and also pay off his original mortgage.

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

   If an unexpected event prevents someone from hitting his balloon payment due date, he could seek out a different loan company to refinance. A cash-out refinance can help the borrower complete the balloon payment and evade fines.

Trying to find a private mortgage lender in Silver City to help you afford your investment purchase? Fill out the contact form on this page or get in touch with us via phone and let's discuss the project you have in mind.