Private real estate financing can help investors purchase, remodel or refinance a home via a short-term mortgage from a private firm or an individual. In contrast to bank loans, Oklahoma private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

Thus, while you might don't have very good credit, having a real estate opportunity with promise for profits, a considerable downpayment, past experience in real estate, and an intelligible exit strategy are a great deal more relevant when qualifying for private money for a real estate loan. What's more, the fast closing Oklahoma private real estate mortgages supply you with financing right away, allowing you to close on a deal within 2 or 3 weeks.

Commonly, investors get in touch with a private mortgage lender in Oklahoma when:

1. They're in search of capital to renovate a property and sell it for a much higher price point or to rent it out at a higher monthly amount.

   For instance, there was a customer who owned a 2-unit rental. At the time, he had a significant amount of equity in the property and the monthly rent delivered steady revenue. He wanted to do some renovation to the place to be able to maintain high rents, but a poor credit score of 520 meant a bank would turn down his mortgage application. So he turned to Island View Private Loan Fund to do a cash-out refinance and got a loan at 65% LTV.

2. They need to consolidate unpaid debts.

   Multiple unsecured debts with a range of interest rates are very overwhelming and challenging to keep tabs on. As a result, lots of people get a loan against their home equity to combine their outstanding debts into one single loan.

3. They wish to use their house's existing equity for an additional real estate deal.

   As an example, one of Island View's previous customers in Hawaii had a house appraised at over one million bucks. His plans to sell the house did not happen and he eventually was forced to settle for leasing the home to an interested party, with an option to purchase it at a later time. The cash that stemmed from the lease contract covered his monthly mortgage bill, home owner's insurance, and property taxes. The tenant also gave $200k in the form of a non-refundable down payment when he signed the 3-year contract. The signed agreement meant that he no longer had to be concerned about the property's ongoing expenses, and as a result, when a new investment opportunity surfaced, he reached out to IVPLF and received a private mortgage loan at seventy percent LTV. The loan helped him finance his next investment property and in addition, pay down his initial mortgage.

4. The balloon payment for a prior mortgage is due and they can't afford it.

   A real estate investor who currently has an existing private loan and is not able to pay for the balloon payment because of a change of circumstances can submit an application for refinancing from an alternative lender. A cash-out refinance can help you make the balloon payment and escape consequences.

Wanting to meet a private mortgage lender in Oklahoma to discuss loan programs for your upcoming real estate investment? Fill out the form or give us a call and let's discuss the project you have in mind.