Private real estate financing involves getting a short-term mortgage from a privately owned firm or individual person with the intention to buy, carry out upgrades on or refinance a home or property. Contrary to bank loans, West Lafayette private mortgage loans are fast closing, easy qualifying and offered to self-employed applicants.

That's why, even if you don't have good credit, having a promising opportunity, a substantial down payment, prior real estate experience, and a clear exit strategy are far more crucial when being eligible for private money for a real estate loan. In addition, the fast closing West Lafayette private real estate mortgages supply you with funding without delay, letting you close on a deal within two to three weeks.

Most individuals talk with West Lafayette private mortgage lenders when:

1. They want to update or make repairs to the property so that they can market it at a much higher price or to ask for higher rents.

   Real example: one of our applicants operated a two-family rental property. He already retained a lot of equity in the house and the monthly rent delivered steady revenue. He wanted to complete some improvements to the units to be able to maintain high rents, but a low credit score of 520 meant a bank would turn down his mortgage application. When he contacted Read Rock Capital to obtain financing, we were able to complete a cash-out refinance for 65% of the house's valuation.

2. They've got numerous unsecured debts and need to combine them.

   Countless outstanding debts with a range of lending rates can be very overwhelming and difficult to keep an eye on. To help set up a more manageable situation, people combine all of their debts into an individual mortgage loan with only one monthly payment.

3. They would like to unlock the existing equity in one property or home and acquire a different one.

   As an example, one of our customers located in Hawaii had a home appraised at over a million bucks. His idea was to sell the house but it never materialized and he eventually had to be content with leasing the home to an interested party, with the option to purchase it at a later time. The funds that stemmed from the rental payments took care of his regular mortgage payment, insurance, and taxes. He also was given a $200,000 non-refundable downpayment for the 3 year lease agreement. The signed agreement meant he no longer needed to be concerned about the home's ongoing expenses, and so when a new real estate opportunity surfaced, he reached out to Read Rock Capital and received a private mortgage loan at seventy percent loan to value. This allowed him to make the deposit for his next property, and also pay down his present mortgage.

4. They need assistance to meet the balloon payment for a previous private loan.

   If an unforeseen event prevents a borrower from making his balloon payment deadline, he could contact an alternative loan provider to refinance. Refinancing before the term date helps the borrower to make the deadline for the balloon payment and stay clear of fines in connection with failing to make the balloon payment.

Do you need a private mortgage lender in West Lafayette to fund your investment purchase? Fill out the form or call us to discuss your property or properties.