A lot of real estate investors count on private real estate financing to pay for a new home or property, or remodel or refinance an existing one. Whereas conventional lenders, for example, banks will require a prolonged, drawn out application process and in all likelihood will think twice about loaning money to a self-employed customer, private mortgage loans in Southaven close fast and are easy to qualify for.

Meaning that even if you do not have a great credit score, you still have a high probability of qualifying for private money for a real estate loan so long as your investment is deemed to be profitable, you have enough money available for the downpayment, you have proven yourself able in earlier real estate ventures, you have substantial equity contained in the home or you can show a clear-cut plan to pay off the loan. And having fast closings of just two weeks, private real estate mortgages in Southaven may very well be the ideal choice for real estate investors.

Commonly, investors get in contact with a private mortgage lender in Southaven when:

1. They wish to update or repair the home and property in order to sell it at an increased price or to fetch higher rents.

   Real example: one of our applicants owned a two-unit rental property. He had an abundance of equity in the property and the rent checks brought in regular monthly income. A number of select home upgrades would allow him to bump up the cost of rent, but having a low credit score of 520, it was extremely probable for a bank to turn down his mortgage request. Thus, he reached out to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They're stuck with numerous personal debts and desire to combine them.

   Countless unsecured debts with a range of lending rates are very overwhelming and challenging to manage. Because of this, a lot of people make the decision to take advantage of the equity in their residence to consolidate all their financial debts into just one loan having a single monthly payment.

3. They would like to allocate the existing equity in one house and use it to purchase another one.

   One of our borrowers in Hawaii owned a residence worth $1M. His plans to sell the house never transpired and he eventually had to be satisfied with leasing the place, with the option to buy at a future time. The rent amount was adequate to pay for the cost of his ongoing mortgage bill, property taxes and homeowner's insurance payments. In addition, he was given a $200k non-refundable downpayment for the 3 year agreement. With the help of this collateral to cover the home's foreseeable financial obligations, he stumbled on a new real estate opportunity and contacted Read Rock Capital to obtain a private mortgage loan close to 70% of the property's appraised value. This allowed him to pay an advance on the down payment for his next investment, and at the same time helped with his current mortgage.

4. The balloon payment for their current private mortgage is owed soon and they can't afford it.

   A person who invests in real estate and currently has an existing private loan and is not able to pay for the balloon payment thanks to a change in circumstances can submit an application for refinancing from a new company. A refinance can help the person hit the due date for the balloon payment and avoid penalty charges.

Looking to discuss mortgage options with a private mortgage lender in Southaven? Enter your info into the form on this page or get in touch with us via phone and let's discuss the project you have in mind.