Private Real Estate Mortgages in West Columbia

Private real estate financing entails obtaining a short-term mortgage loan via a privately owned company or individual person to be able to buy, perform improvements on or refinance a property. While traditional lenders like banks require a prolonged, time consuming application process and are more than likely to think twice about giving money to a self-employed applicant, private mortgage loans in West Columbia close fast and have minimal eligibility requirements.

That's why, while you might don't have great credit, having a promising opportunity, a considerable downpayment, previous experience, and a good exit strategy are a great deal more crucial in terms of qualifying for private money for a real estate loan. Combined with fast closings of fourteen days, private real estate mortgages in West Columbia may very well be the ideal alternative for serious real estate investors.

In general, people get in contact with a private mortgage lender in West Columbia when:

  1. They want to find capital to fix a home and property and sell it at a much higher price or to up the lease amount for tenants.

    One example is a client who operated a 2-unit rental. At the time, he had a good deal of equity in the house and the rent payments generated steady revenue. Though some upgrades to the place would've helped him ask for higher rent, a bank would have turned down the loan request, given that he had a credit score of a mere 520. Right after he got into contact with Read Rock Capital to obtain a mortgage, we were happy to complete a cash-out refinance at 65% of the home's market value.

  2. They want to merge their outstanding debts into one single loan.

    Multiple debts with varying interest rates can be quite overwhelming and tough to keep track of. This is why many people choose to take advantage of the equity available in their property to combine all of their outstanding debts into one mortgage loan with a single payment per month.

  3. They would like to utilize their property's equity for a different real estate deal.

    As an example, one of Island View's past customers in Hawaii had a house appraised above a million bucks. Since it was hard for him to find a purchaser for the home, he had someone that was wanting to lease it with the option to purchase it. The rent amount was enough to cover the cost of his ongoing mortgage bill, property taxes and cost of insurance. In addition, he was given a $200k non-refundable advance payment for the 3-year lease agreement. Having these assurances to cover the house's foreseeable financial obligations, he came across another great investment opportunity and got into contact with Read Rock Capital for a private mortgage loan close to 70% of the property's appraised value. The financing helped him finance his next investment property as well as pay down his initial mortgage.

  4. They have a previous private loan and are unable to afford the pending balloon payment.

    If a person can't meet a balloon payment due to unanticipated factors, he can seek to refinance the loan with a different loan provider. Refinancing right before the term date helps you to make the due date for the balloon payment and stay clear of consequences in connection with missing the balloon payment.

Hoping to meet a private mortgage lender in West Columbia to discuss financing options for your upcoming investment? Submit the contact form or get in touch with us via phone to discuss your project.

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Investment property loans only please, no primary residences at this time.