Private real estate financing involves getting a short-term loan through a private firm or individual to be able to purchase, perform upgrades on or refinance a home. Wenatchee private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available for self-employed applicants.

Thus, while you might don't have very good credit, having a promising opportunity, a substantial downpayment, past experience in real estate, and a clear exit strategy are a great deal more relevant when it comes to qualifying for private money for a real estate loan. Besides, if you want a fast closing, you will not see many alternatives better than Wenatchee private real estate mortgages.

Mostly, clients consult Wenatchee private mortgage lenders to provide capital for their endeavors when:

1. They're looking for funds to fix a property and offer it for a higher price point or to rent it out for more money.

   E.g. one of our borrowers had a duplex. He already had a good deal of equity available in the property and the rent payments delivered steady revenue. He wanted to complete some renovation to the units to help keep his rents high, but a lower credit score of 520 meant a bank would undoubtedly turn down the mortgage application. After he got in contact with Read Rock Capital for a loan, we were glad to complete a cash-out refinance at 65% of the duplex's valuation.

2. They would like to combine their unpaid debts.

   Multiple debts with varying interest rates are incredibly overwhelming and challenging to manage. This is the reason some people choose to take advantage of the equity in their property to consolidate all of their outstanding debts into just one private mortgage with a lone payment per month.

3. They wish to use the equity available in their current house to do a different real estate investment.

   Here is an example. A customer located in Hawaii had his residence which was valued at $1.2M. His plans to sell the house didn't happen and he ultimately was forced to settle for leasing the home to someone, with the option to buy at a later time. The lease income helped him meet his existing mortgage payment, taxes and insurance. He also received a $200,000 non-refundable deposit for the three year agreement. With these sureties covering the property's expenses on an ongoing basis, he phoned Read Rock Capital for a 70% LTV private mortgage loan for his subsequent purchase of an investment property. Meaning that he was able to make his downpayment for his next investment, and also pay down his current mortgage.

4. They already have a private loan and are unable to pay the looming balloon payment.

   A person who invests in real estate and already has an existing private mortgage loan and isn't able to afford the balloon payment on account of a change in circumstances can apply for refinancing from an alternative lending company. A cash-out refinance will help the borrower make the balloon payment and evade penalty.

Searching for a private mortgage lender in Wenatchee to fund your investment purchase? Complete the contact form on this page or call us and let's discuss your property.