Private real estate financing involves getting a short-term mortgage loan from a privately owned firm or individual person as a way to purchase, perform upgrades on or refinance a home or property. Whitefish private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are offered to self-employed applicants.

That's great for real estate investors because an individual with lousy credit can qualify for private money for a real estate loan given that he has a project that shows promise, he has plenty of money for a down payment, he has proven himself capable in prior real estate investments, and he has a sensible exit strategy. Furthermore, if you would like a fast closing, you will not find many alternatives better than Whitefish private real estate mortgages.

Most real estate professionals turn to Whitefish private mortgage lenders when:

1. They're looking for money to renovate a home and sell it for a much higher price point or to up the lease amount for renters.

   As an illustration, one of our clients operated a 2-family rental property. He had already built ample equity in the property and the monthly rent checks was a routine income source. A few choice home enhancements would undoubtedly allow him to bump up the cost of rent, but with a below average credit score of 520, it was highly likely for a bank to turn down his mortgage application. After he got into contact with Read Rock Capital to get a mortgage, we were happy to do a cash-out refinance at 65% of the house's market value.

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

   Multiple unsecured debts with different rates can be extremely overwhelming and tough to keep track of. To help make the situation more reasonable, people merge all their financial debts into one single loan with just one payment per month.

3. They would like to utilize their house's existing equity for some other home purchase.

   As one example, a borrower located in Hawaii owned a home valued at $1.2M. His idea was to sell the house but it never transpired and he ultimately was forced to settle for leasing the property to an interested party, with the option to buy down the road. The income that came from the rental payments paid for his continuing mortgage payment, insurance, and property taxes. He also received a $200k non-refundable down payment for the 3 year contract. Using these sureties to handle the home's bills on an ongoing basis, he phoned Read Rock Capital for a 70% LTV private mortgage loan to help with his subsequent real estate investment. This gave him more than enough money to put towards a deposit or his next investment, but also made it easier for him to deal with the existing mortgage.

4. They have a previous private loan and are not able to afford the pending balloon payment.

   If an unanticipated mishap hinders a borrower from hitting his balloon payment due date, he could approach a different lender to refinance. Refinancing before the due date enables the borrower to meet the deadline for the balloon payment and avert any fees and penalties associated with failing to pay the balloon payment.

Looking to make contact with a private mortgage lender in Whitefish speak about loan alternatives for your next investment? Submit the contact form or give us a call to talk about the property or properties you have in mind.