Private Real Estate Mortgages in Alabama

Numerous real estate investors count on private real estate financing to acquire a new home, or rehab or refinance an existing one. Whereas standard lenders, for example, banks require an extended, drawn out application process and are more than likely to be reluctant to lend money to a self-employed client, private mortgage loans in Alabama close fast and are easy qualifying.

This is good for real estate investors considering that even somebody with poor credit can qualify for private money for a real estate loan so long as he has a promising deal, he has sufficient money for a down payment, he has shown himself capable in real estate, and he can show a sensible exit strategy. In addition to this, if you are looking for a fast closing, you won't find any available alternatives better than Alabama private real estate mortgages.

Most borrowers speak with Alabama private mortgage lenders when:

  1. They would like to remodel or fix up the property or home to allow them to sell it at a much higher price or to fetch higher monthly rental fees.

    Real example: one of our clients operated a two-family rental property. He had an abundance of equity in the asset and the rent payments generated routine monthly income. A number of select home renovations would allow him to increase his rents, but since he had a lower credit score of 520, it was extremely likely that a bank would turn down the loan application. So he came to Island View Private Loan Fund to do a cash-out refinance and obtained financing at 65% LTV.

  2. They're stuck with multiple debts and wish to combine them.

    The majority of people find it stressful to make numerous payments on a monthly basis. In order to set up a more workable situation, some people consolidate all of their unsecured debts into one single mortgage loan with only one payment per month.

  3. They would like to release the equity in one home or property and use it to acquire another one.

    For example, a client in Hawaii owned a property appraised at $1,200,000. When he could not find a buyer for the property, he inked a lease-option-to-buy contract with somebody. The cash that stemmed from the lease took care of his continuing mortgage payment, insurance, and taxes. In addition, he received a two hundred thousand dollars non-refundable down payment for the 3 year agreement. The signed agreement meant he no longer needed to be concerned with the property's ongoing expenses, and so when another promising real estate opportunity showed up, he came to IVPLF and got a private mortgage loan at seventy percent loan to value. This gave him ample cash to use for a deposit on his next investment, but also made it easier for him to pay off the existing mortgage.

  4. They want assistance to meet the balloon payment for the current mortgage loan.

    If a person is not able to meet a balloon payment because of unexpected factors, he can try and refinance his loan with another mortgage company. Refinancing ahead of the term date helps the borrower to meet the deadline for the balloon payment and stay clear of penalties in connection with failing to make the balloon payment.

Hoping to make contact with a private mortgage lender in Alabama speak about loan alternatives for your next project? Complete the contact form on this page or give us a call and let's discuss your project.