Numerous real estate investors rely upon private real estate financing to acquire a new home, or rehab or refinance one they already have. In contrast to loans from banks, Zachary private mortgage loans are fast closing, easy qualifying and offered to self-employed borrowers.

This means that even if you don't have a great credit score, you still have a good chance of receiving private money for a real estate loan so long as your investment is presumed to be profitable, you have sufficient money to use for the down payment, you have shown yourself capable in prior real estate investments, you have sizeable equity contained in the property or you can show a well-defined plan to pay back the loan. And with fast closings of just 14 days, private real estate mortgages in Zachary may very well be the ideal choice for serious real estate investors.

Normally, customers approach a private mortgage lender in Zachary when:

1. A rehab or renovation will make it possible to offer their property at a much higher price point or bring in extra rent.

   As an illustration, one of our clients operated a 2-family rental property. He had already built up sufficient equity in the building and the rent payments was a routine revenue stream. Though some remodeling work to the property may have helped him collect higher rent, a bank would most likely have turned down his loan application, due to the fact he had a credit score of only 520. Consequently, the borrower called Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that provided him a loan for 65% of the duplex's value.

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

   Many of us find that it's stressful to make numerous payments every month. To successfully make the situation more manageable, some people merge all their unsecured debts into an individual loan with just one payment per month.

3. They wish to use the equity available in their existing property or home to do another real estate project.

   For instance, one of our previous clients located in Hawaii had a home valued at more than one million bucks. When he was not able to secure a buyer for the property, he agreed to a lease-option-to-buy contract with an interested party. The income that stemmed from the rent took care of his monthly mortgage payment, home owner's insurance, and taxes. In addition, he was given a $200k non-refundable down payment for the 3-year lease contract. Having this collateral to take care of the house's foreseeable bills, he came across another promising investment opportunity and approached Read Rock Capital to obtain a private mortgage loan around 70% of the home's estimated value. The borrowed funds helped him afford a new investment property and in addition, pay down his initial mortgage.

4. The balloon payment for their current private mortgage is owed soon and they can't afford it.

   If someone cannot meet a balloon payment resulting from unforeseen causes, he can try and refinance his loan with another lending company. Refinancing ahead of the due date enables the borrower to meet the deadline for the balloon payment and avert any fees and penalties in connection with failing to make the balloon payment.

Looking for a private mortgage lender in Zachary to help you afford your investment purchase? Fill out the form on this page or get in touch with us via phone to discuss the project you have in mind.