Private real estate financing gives assistance to real estate investors who want to buy, fix up or refinance a property or home via a short-term loan from a private business or an individual. In contrast to bank loans, Ohio private mortgage loans close fast, are easy to qualify for and accessible to self-employed individuals.

So even if you have poor credit, having a real estate opportunity with good potential, a considerable downpayment, previous experience, and a well-defined exit strategy are a great deal more crucial in terms of being eligible for private money for a real estate loan. What's more, Ohio private real estate mortgages close fast to provide you with funding right away, letting you close within two to three weeks.

Usually, clients contact a private mortgage lender in Ohio when:

1. They're in search of capital to fix up a property and sell it for a much higher price point or to up the lease amount for tenants.

   By way of example, there was a customer who owned a 2-unit rental. He had an abundance of equity in the building and the rent generated regular income each month. He desired to do some modifications to the units in order to keep his rents high, but a below average credit score of 520 meant a bank would turn down the loan application. Shortly after he approached Island View Private Loan Fund to get a mortgage, we were happy to do a cash-out refinance for 65% of the house's value.

2. They wish to merge each of their financial debts into a single loan.

   Countless debts with varying lending rates are very overwhelming and tough to keep an eye on. To make the situation more manageable, people combine each of their debts into a single loan with one payment per month.

3. They wish to release the existing equity in one property and invest in a different one.

   One of our customers in Hawaii owned a home worth over $1,000,000. Though it was difficult for him to secure a purchaser for his home, he had identified someone who was willing to lease it having an option to buy. The lease income helped him meet his existing mortgage payment, taxes and insurance. The renter also put two hundred thousand dollars in the form of a non-refundable downpayment when he signed the 3-year lease agreement. With the help of this collateral to pay for the home's foreseeable expenses, he ran across another promising investment opportunity and contacted IVPLF to obtain a private mortgage loan nearly 70% of the home's valuation. The borrowed funds helped him afford a new investment as well as repay his primary mortgage.

4. They need assistance to meet the balloon payment for a previous mortgage.

   A real estate investor who currently has an existing private mortgage and isn't able to afford the balloon payment because of a change of circumstances can apply for refinancing from a new company. A refinance can help the borrower hit the due date for the balloon payment and avoid penalties.

Are you searching for a private mortgage lender in Ohio to help you afford your real estate investment? Enter your info into the contact form on this page or get in touch with us via phone to talk about the property you have in mind.