Private real estate financing involves getting a short-term mortgage loan through a privately owned firm or individual in order to buy, perform improvements on or refinance a home or property. Westerly private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are offered to self-employed borrowers.

That's great for real estate investors because a person with poor credit can apply for private money for a real estate loan so long as he has a deal that shows strong potential, he has enough cash for a downpayment, he has proven himself able in prior real estate ventures, and he has a plan for an exit strategy. What's more, the fast closing Westerly private real estate mortgages ensure that you get financing right away, letting you close a deal within a few short weeks.

Most individuals turn to Westerly private mortgage lenders when:

1. A remodeling job or renovation can allow them to offer the house for a much higher price or ask for more rent.

   As an example, one of our borrowers had a twin-home / duplex. He'd already built adequate equity available in the house and the monthly rent checks was a regular revenue stream. He wanted to perform some modifications to the property so that he could keep his rents high, but a below average credit score of 520 meant that a bank would turn down his loan application. Thus, he reached out to Read Rock Capital to obtain a cash-out refinance and got financing at 65% LTV.

2. They want to consolidate personal debts.

   Many of us think it is stressful to deal with countless payments every month. To help make the situation more reasonable, people merge their unsecured debts into only one loan with just one monthly payment.

3. They wish to take advantage of the equity within their current home and property to do a different real estate investment.

   For example, a customer located in Hawaii had a home appraised at $1,200,000. When he could not procure a buyer for the property, he signed a lease-option-to-buy arrangement with someone. The rent amount was enough to cover the cost of his monthly mortgage bill, taxes and cost of homeowner's insurance. Additionally, he was given a $200,000 non-refundable down payment for the three year lease contract. The signed agreement meant that he no longer had to concern himself with the home's future expenses, and thus, when another promising real estate opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This let him make the downpayment for his next investment, and furthermore helped with his current mortgage.

4. The balloon payment for an existing loan is due and they can't pay it.

   If an unanticipated mishap hinders a person from making his balloon payment due date, he can seek out another lender to refinance. A refinance can help the person avoid missing the due date for the balloon payment and steer clear of any fees and penalties.

Are you looking for a private mortgage lender in Westerly to finance your real estate investment? Complete the form on this page or give us a call and let's discuss your property or properties.