Private real estate financing gives assistance to real estate investors who want to pay for, remodel or refinance a property utilizing a short-term mortgage loan from a privately owned firm or an individual. Unlike loans from banks, University City private mortgage loans are fast closing, have minimal eligibility criteria and offered to self-employed customers.

It means that regardless of whether you have a good credit score, you've still got a high probability of obtaining private money for a real estate loan provided that your undertaking is deemed to be profitable, you have ample capital available for the downpayment, you have shown yourself competent in real estate in the past, you have substantial equity in the home or property or you can show a clear plan to pay back the loan. Combined with fast closings of only 14 days, private real estate mortgages in University City are the right choice for ambitious real estate investors.

Normally, investors approach a private mortgage lender in University City when:

1. They are in need of funds to renovate a home and sell it at a higher price point or to rent it out for more money.

   As an example, one of our customers owned a duplex. At the time, he retained a good deal of equity in the house and the rent checks delivered steady cash flow. He sought to complete some renovation to the property to help keep his rents high, but a poor credit score of 520 meant that a bank would turn down the loan application. When he contacted Read Rock Capital to get a loan, we were able to do a cash-out refinance for 65% of the home's valuation.

2. They have multiple unsecured debts and prefer to consolidate them.

   Numerous debts with varying rates are quite overwhelming and tough to keep tabs on. To help put together a more manageable situation, some people merge each of their debts into just one mortgage loan with only one payment per month.

3. They wish to utilize their home's equity for a different home purchase.

   One of our customers in Hawaii owned a house valued at $1.2 million. His plans to sell the house did not work out and he ultimately was forced to settle for leasing the house to an interested party, with the option to purchase it at a future time. The rental agreement payouts helped him meet his existing mortgage payment, property taxes and homeowner's insurance. The renter also consented to pay 200k in the form of a down payment for a 3-year agreement. Having these sureties to take care of the home's financial obligations on a recurring basis, he approached Read Rock Capital to get a seventy percent LTV private mortgage loan to aid in his subsequent purchase of an investment property. This let him pay an advance on the downpayment for his next investment, and also pay down his present mortgage.

4. They already have a loan and cannot afford the pending balloon payment.

   A person who invests in real estate and currently has an existing private mortgage loan and cannot pay for the balloon payment caused by a change of circumstances can submit an application for refinancing from a new lending company. Refinancing before the due date enables the borrower to make the deadline for the balloon payment and stay clear of penalty charges related to failing to pay the balloon payment.

Looking for a private mortgage lender in University City to fund your investment purchase? Fill out the contact form on this page or get in touch with us via phone and let's discuss your property.