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Private real estate financing involves obtaining a short-term mortgage through a privately owned firm or individual person in order to buy, carry out improvements on or refinance a property or home. As opposed to bank loans, Louisiana private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed individuals.
That is very fortunate for real estate investors considering that even anyone with poor credit can qualify for private money for a real estate loan given that he has a deal that shows strong potential, he has sufficient cash for a downpayment, he has proven himself able in earlier real estate investments, and has a sensible exit strategy. Additionally, Louisiana private real estate mortgages close fast to supply you with financing without delay, helping you close within 2 or 3 weeks.
Most real estate investors turn to Louisiana private mortgage lenders when:
A rehab or restoration can help to sell the home for a higher price point or bring in more rent.
By way of example, we had a borrower with a 2-family rental property. He already retained a considerable amount of equity available in the building and the rent payments generated steady cash flow. He wanted to perform some modifications to the place in order to maintain high rents, but a low credit score of 520 meant that a bank would turn down his loan request. Thus, he turned to Island View Private Loan Fund for a cash-out refinance and obtained a loan at 65% LTV.
They're saddled with numerous unsecured debts and need to combine them.
Numerous unsecured debts with different rates are often rather overwhelming and tough to keep an eye on. To make the situation more reasonable, some people combine all of their financial debts into one single mortgage loan with one payment per month.
They prefer to release the equity in one property or home and use it to acquire a different one.
To provide an example, a client located in Hawaii had a property valued at $1.2M. While it was tough for him to get a purchaser for the home, he had identified a person who was open to lease it with the option to buy. The cash that came from the lease contract took care of his regular mortgage payment, home owner's insurance, and property taxes. The renter also agreed to pay him $200,000 as an advance payment for a 3-year contract. These sureties meant that he no longer had to be concerned with the home's ongoing expenses, and as a result, when a new investment opportunity showed up, he reached out to IVPLF and received a private mortgage loan at 70% LTV. This allowed him to make the downpayment for his next investment, and at the same time helped with his existing mortgage.
They already have a private loan and are not able to afford the pending balloon payment.
A real estate investor who currently has an existing private loan and is unable to pay for the balloon payment thanks to a change in circumstances can apply for refinancing from another lender. A refinance can help him avoid missing the due date for the balloon payment and prevent any fees and penalties.
Hoping to connect with a private mortgage lender in Louisiana speak about loan alternatives for your next project? Submit the form on this page or give us a call to discuss your property or properties.
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