Many real estate investors turn to private real estate financing to pay for a new property, or update or refinance one they already have. St Petersburg private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are offered to self-employed applicants.

That means that whether or not you have a good credit score, there is still a strong likelihood of receiving private money for a real estate loan as long as your project is deemed to be profitable, you have enough money reserved for the down payment, you have shown yourself able in the real estate market previously, you have significant equity in the home or you can show a legitimate plan to pay back the balance of the loan. In addition, St Petersburg private real estate mortgages close fast to grant you funding right away, allowing you to close within two to three weeks.

Normally, investors approach a private mortgage lender in St Petersburg when:

1. They need to remodel or fix up the house to allow them to sell it at a higher price or to get higher rents.

   For instance, there was a customer who owned a 2-family rental property. He already retained a lot of equity available in the building and the rent checks delivered steady revenue. He wanted to complete some upgrades to the property to be able to maintain high rents, but a below average credit score of 520 meant a bank would doubtless turn down his mortgage request. After he approached Read Rock Capital for a loan, we were pleased to complete a cash-out refinance for 65% of the house's market value.

2. They would like to merge their debts into one single payment.

   The majority of people find that it's stressful to deal with numerous payments each month. Due to this, many individuals borrow from a property's equity to consolidate all their financial debts into one loan payment.

3. They would like to utilize their house's existing equity for an additional purchase.

   One of our borrowers in Hawaii had a property valued at over $1,000,000. His idea was to sell the house but it never materialized and he finally had to settle for leasing the place to an interested party, with the option to buy at a later time. The lease payments made it possible to meet his existing mortgage, property taxes and insurance. In addition, he received a two hundred thousand dollars non-refundable advance payment for the three year lease contract. Having these assurances to pay for the house's foreseeable bills, he came across a new investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to 70% of the property's valuation. The money helped him cover the cost of a new investment and in addition, repay his primary mortgage.

4. They want assistance to satisfy the balloon payment for the existing mortgage loan.

   A real estate investor who currently has an existing private mortgage and isn't able to afford the balloon payment on account of a change of circumstances can apply for refinancing from an alternative company. A refinance will help him avoid missing the due date for the balloon payment and avoid fees and penalties.

Interested in discussing your investment alternatives with a private mortgage lender in St Petersburg? Complete the contact form or get in touch with us via phone and let's discuss your property.