Private Real Estate Mortgages in Wells

Private real estate financing gives assistance to real estate investors who want to purchase, fix up or refinance a property using a short-term mortgage loan from a privately owned business or an individual. In contrast to bank loans, Wells private mortgage loans are fast closing, easy qualifying and offered to self-employed borrowers.

This is very fortunate for investors because even somebody with lousy credit can obtain a private money for a real estate loan assuming that he has a deal that shows strong potential, he has enough cash for a down payment, he has proven himself able in earlier real estate ventures, and he can show a good exit strategy. And with fast closings of just 14 days, private real estate mortgages in Wells are an ideal solution for ambitious real estate investors.

In general, customers contact a private mortgage lender in Wells when:

  1. They want to remodel or fix up the property to enable them to sell it at a higher price or to get higher rents.

    By way of example, there was a customer with a two-unit rental property. He had a great deal of equity in the building and the rent generated regular income each month. He sought to perform some renovation to the property to be able to keep his rents high, but a lower credit score of 520 meant that a bank would turn down his mortgage application. Consequently, the client contacted Read Rock Capital (Read Rock Capital) to do a cash-out refinance that in turn got him financing for 65% of the home's market value.

  2. They're stuck with multiple debts and want to combine them.

    Many of us know how stressful it is to make numerous payments each and every month. To make the situation more reasonable, people merge their financial debts into one single loan with one monthly payment.

  3. They want to utilize the existing equity available in an existing home and property to work on an additional real estate investment.

    One of Island View's borrowers located in Hawaii had a home valued at over $1,000,000. Though it was hard for him to secure a purchaser for the home, he had identified a person that was willing to lease it with the option to buy. The revenue that stemmed from the lease paid for his continuing mortgage expenses, home owner's insurance, and property taxes. He also was given a $200k non-refundable down payment for the three year lease agreement. The signed agreement meant that he no longer had to be concerned with the home's future expenses, so when a new real estate opportunity came up, he came to Read Rock Capital and obtained a private mortgage loan at 70% LTV. This let him make the down payment for his next investment, and furthermore helped with his current mortgage.

  4. The balloon payment for their current private mortgage is due and they are unable to pay it.

    If a borrower is unable to meet a balloon payment due to unanticipated causes, he can make an effort to refinance the loan with a new lending company. Refinancing prior to the term date enables you to make the deadline for the balloon payment and stay clear of fees and penalties related to missing the balloon payment.

Want to discuss mortgage programs with a private mortgage lender in Wells? Submit the form or call us and let's discuss the project you have in mind.

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