Private Real Estate Mortgages in Bellingham

Private real estate financing gives assistance to investors who want to purchase, fix up or refinance a property utilizing a short-term loan from a private company or an individual. While traditional lending institutions like banks require a prolonged, time consuming application process and are more than likely to think twice about giving money to a self-employed customer, private mortgage loans in Bellingham close fast and have minimal eligibility criteria.

Meaning that even if you don't have a very good credit score, you still have a high probability of receiving private money for a real estate loan assuming that your project is regarded as profitable, you have enough money reserved for the downpayment, you have proven yourself able in real estate previously, you have substantial equity in the home or property or you have a legitimate plan to pay back the loan. Besides, if you want a fast closing, there are no better options than Bellingham private real estate mortgages.

Primarily, clients rely on Bellingham private mortgage lenders to finance their real estate ventures when:

  1. They wish to renovate or make repairs to the home and property to be able to sell it at a much higher price or to bring in higher monthly rental fees.

    As an example, one of our customers had a twin-home / duplex. He held enough equity available in the asset and the rent payments generated regular monthly income. A handful of choice home enhancements would help him raise the cost of rent, but because of a low credit score of 520, it was highly likely that a bank would turn down the loan request. Right after he got into contact with Read Rock Capital to obtain a mortgage, we were able to complete a cash-out refinance at 65% of the home's assessed value.

  2. They wish to combine each of their unsecured debts into a single payment.

    Numerous outstanding debts with a variety of interest rates can be very overwhelming and difficult to keep an eye on. Due to this, some individuals get a loan against their home equity to consolidate their financial debts into just one manageable payment.

  3. They wish to take advantage of the equity available in their existing house to work on a different real estate investment.

    One of our customers in Hawaii had a house valued at $1.2 million. When he was not able to procure a buyer for the home, he agreed to a lease-option-to-buy deal with somebody. The rental agreement payouts helped him meet his current mortgage expenses, taxes and insurance. The tenant additionally put $200k for a non-refundable down payment as part of signing the 3-year lease agreement. Having these assurances to cover the house's foreseeable bills, he discovered another promising investment opportunity and got into contact with Read Rock Capital for a private mortgage loan nearly 70% of the home's value. This gave him ample capital to put towards a down payment or his next property, but additionally helped him pay down the current mortgage.

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

    If someone is unable to meet a balloon payment thanks to unanticipated causes, he can try and refinance the loan with another mortgage company. Refinancing ahead of the due date enables you to make the due date for the balloon payment and avert any penalties related to missing the balloon payment.

Do you need a private mortgage lender in Bellingham to help you afford your investment purchase? Submit the form on this page or call us to discuss the project you have in mind.

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Investment property loans only please, no primary residences at this time.