Private real estate financing involves getting a short-term mortgage from a private business or individual person as a way to purchase, perform improvements on or refinance a home. In contrast to loans from banks, Tulsa private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

This is good for investors because even somebody with lousy credit can opt for private money for a real estate loan provided that he has a promising deal, he has adequate cash for a downpayment, he has proven himself capable in earlier real estate investments, and has a good exit strategy. Additionally, Tulsa private real estate mortgages close fast to grant you funding without delay, letting you close a deal within 2-3 weeks.

Primarily, clients pay a visit to Tulsa private mortgage lenders to finance their real estate ventures when:

1. A rehab or renovation will make it possible to offer the home for a higher price point or bring in additional rent.

   E.g. a past borrower had a twin-home / duplex. At the time, he retained a good deal of equity available in the building and the rent payments brought in a steady income. He desired to do some modifications to the property to help maintain high rents, but a lower credit score of 520 meant that a bank would undoubtedly turn down his mortgage application. After he got in contact with Read Rock Capital for a loan, we were pleased to do a cash-out refinance for 65% of the duplex's appraised value.

2. They need to combine all of their debts into one single loan.

   Countless unsecured debts with various interest rates are incredibly overwhelming and hard to keep tabs on. In order to arrange a more workable situation, people merge all of their debts into one single mortgage loan with just one monthly payment.

3. They would like to unlock their existing equity in one property or home and use it to buy another one.

   One of our clients in Hawaii owned a residence valued at over $1,000,000. His idea was to sell the house but it didn't work out and he finally was forced to settle for leasing the house to an interested party, with an option to purchase it at a future date. The revenue that came from the rent paid for his ongoing mortgage payment, insurance, and taxes. The renter also included two hundred thousand dollars for a non-refundable deposit as he signed the 3 year lease contract. With these sureties covering the property's expenses on a recurring basis, he called Read Rock Capital for a 70% LTV private mortgage loan to help with his upcoming real estate investment. This enabled him to make the deposit for his next investment, and furthermore repay his existing mortgage.

4. The balloon payment for a previous loan is owed soon and they are not able to handle it.

   If someone can't make a balloon payment due to unanticipated factors, he can try and refinance the loan with a new loan provider. Refinancing before the term date allows you to meet the due date for the balloon payment and avoid consequences associated with failing to pay the balloon payment.

Hoping to meet a private mortgage lender in Tulsa to discuss funding programs for your upcoming investment? Complete the form or get in touch with us via phone and let's discuss the property you have in mind.