Private real estate financing entails getting a short-term mortgage via a private firm or individual person with the intention to purchase, carry out improvements on or refinance a property. Spartanburg private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are open to self-employed individuals.

So while you might have poor credit, having a real estate opportunity with promise for profits, a significant downpayment, prior real estate experience, and a well-defined exit strategy are a great deal more crucial in terms of qualifying for private money for a real estate loan. What's more, Spartanburg private real estate mortgages close fast to provide you with funding right away, letting you close on a deal within a few short weeks.

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

1. They're in search of funds to fix a property and offer it for sale at a higher price or to rent it out at a higher monthly amount.

   For example, there was a customer who owned a two-family rental property. At the time, he retained a good deal of equity available in the house and the monthly rent brought in a steady cash flow. A number of select home improvements would allow him to bump up the cost of rent, but because of a lower credit score of 520, it was very probable for a bank to turn down the loan application. Shortly after he got into contact with Read Rock Capital to get a loan, we were able to complete a cash-out refinance for 65% of the duplex's market value.

2. They need to combine unpaid debts.

   The majority of people find that it's stressful to make numerous payments each and every month. This is why numerous people make the decision to make the most of the equity available in their home to merge all their debts into only one mortgage loan with a lone monthly payment.

3. They would like to unlock the existing equity in one property or home and invest in another one.

   One of our customers in Hawaii had a property valued at $1M. When he was unable to find a buyer for his home, he inked a lease-option-to-buy contract with an interested party. The amount of rent was more than enough to take care of the cost of his ongoing mortgage bill, property taxes and insurance payments. The person also consented to pay him two hundred thousand dollars for a downpayment for the three year lease contract. The signed agreement meant that he did not have to concern himself with the home's future expenses, and as a result, when a new real estate investment opportunity came up, he came to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This not only gave him plenty of capital to use for a deposit on his next home, but also made it easier for him to pay off the current mortgage.

4. The balloon payment for a previous mortgage is owed soon and they cannot afford it.

   If a person cannot pay a balloon payment because of unforeseen causes, he can try to refinance the loan with another mortgage lender. A refinance can help the person hit the due date for the balloon payment and avoid penalties.

Interested in discussing your investment plans with a private mortgage lender in Spartanburg? Fill out the contact form or get in touch with us via phone and let's discuss the property you have in mind.