Private real estate financing gives assistance to investors who want to buy, fix up or refinance a property or home utilizing a short-term loan from a private firm or an individual. Idaho private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and are also available to self-employed applicants.

Which means that even if your credit score just went through the wringer, there is still a strong likelihood of obtaining private money for a real estate loan assuming that your investment is regarded as profitable, you have sufficient money available for the downpayment, you have demonstrated yourself able in prior real estate projects, you have sizeable equity in the home or property or you have an intelligible plan to repay the loan. In addition, the fast closing Idaho private real estate mortgages provide you with financing right away, allowing you to close within 2-3 weeks.

Generally, people approach a private mortgage lender in Idaho when:

1. They are in need of capital to fix a property and offer it for sale for a much higher price point or to rent it out at a higher monthly amount.

   E.g. a past investor had a duplex. He had a great deal of equity in the property and the rent checks generated regular monthly income. He sought to perform some modifications to the units to be able to maintain high rents, but a lower credit score of 520 meant that a bank would turn down his mortgage application. After he approached Island View Private Loan Fund for a mortgage, we were pleased to do a cash-out refinance for 65% of the house's appraised value.

2. They have multiple unsecured debts and want to consolidate them.

   Multiple unsecured debts with a variety of rates are often very overwhelming and hard to keep tabs on. Due to this fact, lots of people borrow from their home's equity to combine each of their outstanding debts into one loan payment.

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

   As an illustration, a borrower in Hawaii owned his residence which was appraised at $1,200,000. Though it was difficult for him to find an interested party for the property, he had a person who was willing to lease it with an option to buy. The rent amount was sufficient to handle the cost of his ongoing mortgage bill, taxes and homeowner's insurance payments. The renter also included $200k in the form of a non-refundable down payment as he signed the three year lease agreement. With the help of this collateral to cover the house's foreseeable bills, he stumbled on another great real estate opportunity and contacted IVPLF for a private mortgage loan nearly 70% of the home's appraised value. This means that he could make the deposit for the new property, and also help with his existing mortgage.

4. The balloon payment for a previous mortgage is due and they are unable to pay it.

   If an unexpected incident stops someone from meeting his balloon payment deadline, he can approach another company to refinance. A cash-out refinance helps the person complete the balloon payment and escape fines.

Intending to discuss your investment alternatives with a private mortgage lender in Idaho? Fill out the contact form on this page or give us a call and let's talk about the property or properties you have in mind.