Private real estate financing involves finding a short-term loan through a privately owned firm or individual person to be able to buy, perform improvements on or refinance a property. Wheaton private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available to self-employed individuals.

Which means that whether or not you have a good credit score, you still have a high probability of receiving private money for a real estate loan as long as your investment is regarded as profitable, you have adequate capital to use for the downpayment, you have proven yourself competent in prior real estate projects, you have significant equity contained in the property or home or you can show an intelligible plan to pay back the balance of the loan. Besides, if you need a fast closing, there are few options better than Wheaton private real estate mortgages.

Most real estate professionals work with Wheaton private mortgage lenders when:

1. They wish to remodel or repair the house to be able to offer it at a higher price or to ask for higher monthly rental fees.

   By way of example, there was a client with a 2-family rental property. He already retained a considerable amount of equity available in the building and the rent payments delivered steady revenue. Though a few remodeling work to the units would've helped him command more rent, a bank would most likely have turned down the mortgage application, given that his credit score was merely 520. So he reached out to Read Rock Capital to do a cash-out refinance and received a loan at 65% LTV.

2. They need to combine each of their debts into one single loan.

   Many people know how stressful it is to take care of countless payments every month. Because of this, numerous people choose to make use of the equity in their house to merge all of their unsecured debts into only one mortgage with a single payment per month.

3. They would like to employ the existing equity in one property or home and purchase another one.

   One of our borrowers located in Hawaii had a residence valued at $1.2 million. Though it was challenging for him to find a buyer for the place, he had found an individual who was wanting to lease it with an option to purchase it. The rent checks were more than enough to take care of the cost of his monthly mortgage bill, taxes and cost of insurance. In addition, he was given a two hundred thousand dollars non-refundable advance payment for the 3-year agreement. With these sureties to cover the home's foreseeable bills, he came across another great real estate opportunity and approached Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the home's value. This allowed him to pay an advance on the downpayment for the new property, and also pay down his existing mortgage.

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

   A real estate investor who has a previous private loan and cannot afford the balloon payment caused by a change of circumstances can apply for refinancing from an alternative company. A refinance can help him avoid missing the cut-off date for the balloon payment and steer clear of any fines.

Hoping to connect with a private mortgage lender in Wheaton to talk about funding programs for your upcoming project? Submit the form or get in touch with us via phone and let's discuss the property or properties you have in mind.