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Private real estate financing entails obtaining a short-term mortgage via a private firm or individual with the intention to buy, perform improvements on or refinance a property. Indiana private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available for self-employed individuals.
It means that regardless of whether you have a good credit score, you've still got a high probability of obtaining private money for a real estate loan assuming that your project is regarded as profitable, you have enough capital reserved for the down payment, you have shown yourself competent in prior real estate projects, you have sizeable equity in the home or property or you can show a clear-cut plan to pay off the loan. Combined with fast closings of two weeks, private real estate mortgages in Indiana are an ideal choice for real estate investors.
Most real estate professionals talk with Indiana private mortgage lenders when:
They are in need of money to remodel a home and property and put it up for sale at a higher price point or to rent it out at a higher monthly amount.
As an illustration, one of our customers owned a two-unit rental. At the time, he retained a good deal of equity in the house and the monthly rent generated steady cash flow. Although a few improvements to the units would have enabled him to command more rent, a bank would undoubtedly have turned down the loan request, due to the fact he had a credit score of a mere 520. So the customer called Island View Private Loan Fund (IVPLF) to execute a cash-out refinance which in turn got him a loan for 65% of the home's value.
They're saddled with multiple unsecured debts and need to consolidate them.
Numerous debts with varying interest rates can be too much to handle and hard to keep tabs on. In order to make the situation more reasonable, people merge their outstanding debts into a single mortgage loan with just one monthly payment.
They want to take advantage of the equity within an existing home and property to do an additional real estate project.
To provide an example, a client in Hawaii had a home valued at $1,200,000. When he could not procure a buyer for his property, he entered into a lease-option-to-buy deal with someone. The rent amount was sufficient to pay for his regular mortgage payment, property taxes and homeowner's insurance obligations. The person also agreed to pay two hundred thousand dollars as a down payment for the three year lease. These assurances meant he no longer needed to concern himself with the home's future expenses, so when a new real estate opportunity came up, he found IVPLF and obtained a private mortgage loan at seventy percent loan to value. The money helped him cover the cost of a different investment and in addition, pay off his initial mortgage.
They want assistance to meet the balloon payment for a previous loan.
If an unforeseen mishap stops someone from making his balloon payment deadline, he can find another loan company to refinance. A cash-out refinance can help the person pay the balloon payment and evade penalty.
Are you searching for a private mortgage lender in Indiana to help you afford your real estate investment? Submit the contact form or give us a call to talk about your project.
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