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Private real estate financing helps investors buy, remodel or refinance a property or home using a short-term mortgage loan from a private business or an individual. Unlike bank loans, South Carolina private mortgage loans are fast closing, have minimal eligibility criteria and available to self-employed applicants.
It means that even if you do not have a very good credit score, you still have a high probability of receiving private money for a real estate loan assuming that your project is regarded as profitable, you have sufficient money to put towards the downpayment, you have proven yourself competent in past real estate ventures, you have substantial equity contained in the property or you have a clear-cut plan to pay back the loan. Furthermore, if you are searching for a fast closing, you will not see many alternatives better than South Carolina private real estate mortgages.
Usually, investors get in contact with a private mortgage lender in South Carolina when:
They want money to repair a property or home and offer it for a higher price point or to rent it out for more money.
By way of example, there was a borrower with a 2-family rental. He held plenty of equity available in the asset and the rent brought in regular monthly income. While a few improvements to the place might have helped him collect higher rent, a bank would most likely have turned down his loan request, given that his credit score was only 520. Consequently, the borrower got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that provided him financing for 65% of the home's market value.
They need to merge all their outstanding debts into one single payment.
Countless unsecured debts with a range of interest rates are incredibly overwhelming and challenging to keep tabs on. In order to arrange a more workable situation, people merge all their debts into just one loan with only one payment per month.
They wish to utilize the existing equity within an existing home to work on a different project.
Here is an example. A homeowner in Hawaii had his residence which was appraised at $1,200,000. When he was not able to find a buyer for the home, he inked a lease-option-to-buy deal with someone. The rental agreement payouts helped him meet his existing mortgage payment, property taxes and homeowner's insurance. He also was given a two hundred thousand dollars non-refundable advance payment for the three year lease agreement. With these assurances taking care of the property's financial obligations on an ongoing basis, he phoned Read Rock Capital to obtain a seventy percent LTV private mortgage loan for his subsequent investment. This means that he was able to make a down payment for his next property, and also pay down his present mortgage.
The balloon payment for an existing mortgage is owed soon and they cannot pay it.
A real estate investor who currently has an existing private loan and cannot afford the balloon payment as a result of a change in circumstances can apply for refinancing from another lender. A refinance will help the person avoid missing the due date for the balloon payment and avoid consequences.
Want to discuss your financing plans with a private mortgage lender in South Carolina? Enter your info into the contact form on this page or get in touch with us via phone to discuss the property you have in mind.
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