Private real estate financing can help investors pay for, renovate or refinance a property via a short-term loan from a privately owned firm or an individual. Taylor private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available to self-employed individuals.

Which means that irrespective of the caliber of your credit score, there is still a high likelihood of obtaining private money for a real estate loan as long as your undertaking is viewed to be profitable, you have ample capital reserved for the downpayment, you have shown yourself able in earlier real estate projects, you have considerable equity contained in the property or you have an intelligible plan to pay off the loan. Additionally, the fast closing Taylor private real estate mortgages supply you with funding right away, helping you close on a deal within 2-3 weeks.

Most borrowers depend on Taylor private mortgage lenders when:

1. They need to remodel or make repairs to the home so they can market it at an increased price point or to charge higher monthly rental fees.

   For instance, we had a client with a two-unit rental. He'd already built up a good amount of equity available in the property and the monthly rent checks was a regular revenue stream. Some choice home upgrades would allow him to raise his rents, but having a lower credit score of 520, it was highly certain that a bank would turn down the loan application. Right after he got into contact with Read Rock Capital for a mortgage, we were pleased to complete a cash-out refinance at 65% of the house's market value.

2. They wish to consolidate their debts.

   Many of us find it stressful to take care of countless payments on a monthly basis. On that basis, some individuals borrow from a property's equity to combine all of their unsecured debts into a single mortgage loan.

3. They want to use the existing equity in their existing home and property to work on a different project.

   Here is an example. A homeowner in Hawaii owned his residence which was valued at $1,200,000. When he was not able to secure a buyer for the property, he signed a lease-option-to-buy deal with someone. The amount of rent was adequate to take care of his ongoing mortgage payment, taxes and homeowner's insurance payments. The tenant also gave two hundred thousand dollars for a non-refundable advance payment as he signed the three year contract. With the help of these assurances to pay for the property's foreseeable expenses, he stumbled on a new investment opportunity and got into contact with Read Rock Capital for a private mortgage loan close to 70% of the home's valuation. This means that he could make his downpayment for the new investment, and also repay his current mortgage.

4. They need help to satisfy the balloon payment for a previous mortgage.

   If an unforeseen event prevents someone from meeting his balloon payment due date, he can find an alternative company to refinance. Refinancing before the term date helps the borrower to make the deadline for the balloon payment and avert any penalties associated with failing to make the balloon payment.

Looking to meet a private mortgage lender in Taylor to discuss loan options for your next investment? Fill out the contact form on this page or get in touch with us via phone and let's discuss your property or properties.