Private real estate financing means getting a short-term mortgage loan via a private firm or individual person as a way to purchase, carry out upgrades on or refinance a property or home. Although traditional lending institutions such as banks have a prolonged, drawn out application process and are likely to think twice about giving money to a self-employed applicant, private mortgage loans in Statesboro close fast and are easy to qualify for.

That's great news for investors because even somebody with lousy credit can obtain a private money for a real estate loan provided that he has a promising deal, he has plenty of cash for a down payment, he has demonstrated himself capable in real estate, and can show a sensible exit strategy. In addition, Statesboro private real estate mortgages close fast to grant you financing right away, helping you close within a few short weeks.

In general, clients seek out a private mortgage lender in Statesboro when:

1. They want to update or repair the home and property to enable them to offer it for sale at an increased price or to charge higher rents.

   As an example, a past borrower owned a twin-home / duplex. He previously built a good amount of equity available in the property and the rent was a routine revenue stream. While a few improvements to the place might have enabled him to ask for higher rent, a bank would definitely have turned down the mortgage request, considering that his credit score was merely 520. Right after he got in touch with Read Rock Capital for a mortgage, we were happy to do a cash-out refinance at 65% of the property's market value.

2. They would like to consolidate debts.

   Multiple outstanding debts with different interest rates are often rather overwhelming and difficult to manage. For this reason, some people make the decision to utilize the equity in their house to merge all of their unsecured debts into one loan with a single monthly payment.

3. They want to take advantage of their house's equity for another purchase.

   One of Island View's clients located in Hawaii owned a home worth over $1,000,000. His plans to sell the house did not happen and he eventually had to settle for leasing the home, with an option to purchase it down the road. The income that stemmed from the lease took care of his regular mortgage bill, insurance, and taxes. Additionally, he was given a $200k non-refundable down payment for the three year lease. Having this collateral to cover the home's foreseeable financial obligations, he ran across a new real estate investment opportunity and approached Read Rock Capital to obtain a private mortgage loan around seventy percent of the property's value. The loan helped him afford his next investment and also pay off his primary mortgage.

4. They want help to meet the balloon payment for the current private loan.

   If someone cannot meet a balloon payment due to unforeseen factors, he can try to refinance the loan with another mortgage company. Refinancing before the term date helps the borrower to meet the deadline for the balloon payment and avert any penalties associated with missing the balloon payment.

Do you need a private mortgage lender in Statesboro to help you afford your investment purchase? Complete the form or give us a call to discuss the property you have in mind.