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Numerous real estate investors use private real estate financing to acquire a new property or home, or renovate or refinance an existing one. Unlike loans from banks, Florida private mortgage loans are fast closing, have minimal eligibility criteria and open to self-employed individuals.
Thus, even if you have bad credit, having a promising real estate opportunity, a significant downpayment, previous experience, and a well-defined exit strategy are more important when it comes to being approved for private money for a real estate loan. Additionally, Florida private real estate mortgages close fast to provide you with funding right away, allowing you to close a deal within two to three weeks.
Most borrowers speak with Florida private mortgage lenders when:
As an example, a past investor had a duplex. At the time, he had plenty of equity available in the house and the rent delivered steady cash flow. He sought to do some renovation to the property so that he could maintain high rents, but a below average credit score of 520 meant a bank would undoubtedly turn down his loan request. Hence, the client approached Island View Private Loan Fund (IVPLF) to execute a cash-out refinance which in turn got him a loan for 65% of the duplex's market value.
Many people find that it's stressful to deal with countless payments on a monthly basis. As a result, lots of people get a loan from their home's equity to merge all their outstanding debts into one single loan.
As an example, one of Island View's previous borrowers in Hawaii had a house appraised at over one million bucks. He wanted to sell the house but that did not happen and he eventually had to be content with leasing the place, with an option to purchase it at a future date. The rental agreement income helped him meet his existing mortgage expenses, taxes and homeowner's insurance. Additionally, he received a two hundred thousand dollars non-refundable deposit for the 3 year lease contract. With these sureties to take care of the property's foreseeable bills, he stumbled on a new real estate opportunity and got in touch with IVPLF for a private mortgage loan nearly seventy percent of the home's estimated value. This gave him ample cash to use for a deposit or his next home, but additionally helped him deal with the current mortgage.
If an unexpected event hinders someone from hitting his balloon payment due date, he could find an alternative mortgage company to refinance. A cash-out refinance helps the borrower pay the balloon payment and evade penalty.
Intending to discuss your mortgage alternatives with a private mortgage lender in Florida? Enter your info into the form on this page or give us a call to talk about the property you have in mind.
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