Turned Down For Financing?Private Money - Hard Money
If you’re in the position where you need to buy a home in Bonita Springs but you don’t qualify for conventional financing there are alternatives. Many buyers immediately think of looking for owner financing which offers a very limited pool of eligible real estate for sale. First, a home owner must have the equity to be willing to offer owner financing and second, they must also be willing to offer financing.
To broaden the prospects of homes and condos available for purchase a buyer may have an interest in looking into private financing, hard money, a private loan. Often times buyers of real estate are challenged with financing for a variety of reasons which could be a simple as not having properly documented income or sporadic, commission based income. Other issues can be credit dings causes by personal or business bankruptcy or having sold a home short in the recent past.
With the Bonita Springs real estate market recovering nicely many buyers are trying to get back into home ownership or find their retirement real estate while there are such great real estate deals. Instead of waiting for time periods to pass for credit scores to improve a real estate buyer can secure private financing, private money.
Often times private financing or private money is structure in a short term balloon mortgage such as a three year balloon payment which affords Bonita Springs real estate buyers the ability to secure real estate at bargain prices while repairing their credit for a conventional loan in the future.
If you’re interested in learning more about private financing or private money mortgage opportunities contact me and I’ll can put you in touch with someone who will help.