Countless real estate investors turn to private real estate financing to purchase a new home, or remodel or refinance one they already have. While typical lenders like banks require a lengthy, drawn out application process and are likely to hesitate to loan money to a self-employed individual, private mortgage loans in West Point close fast and have minimal eligibility criteria.

It means that even if you do not have a very good credit score, there is still a strong likelihood of getting private money for a real estate loan so long as your undertaking is regarded as profitable, you have ample money to use for the downpayment, you have proven yourself able in real estate previously, you have significant equity contained in the home or property or you can show a clear plan to take care of the loan. Combined with fast closings of only two weeks, private real estate mortgages in West Point are a perfect alternative for ambitious real estate investors.

Primarily, customers pay a visit to West Point private mortgage lenders to loan money for their real estate activities when:

1. They are in need of capital to fix up a property or home and offer it for a higher price point or to up the lease amount for tenants.

   As an example, one of our customers owned a twin-home / duplex. He held enough equity available in the building and the rent checks brought in regular income each month. He wanted to do some improvements to the place to help maintain high rents, but a lower credit score of 520 meant a bank would undoubtedly turn down his mortgage request. And so he came to Read Rock Capital to obtain a cash-out refinance and received financing at 65% LTV.

2. They want to merge all their debts into a single payment.

   Many of us think it is stressful to take care of multiple payments each month. In order to set up a more manageable situation, people merge all of their unsecured debts into a single mortgage loan with one monthly payment.

3. They prefer to release the existing equity in one home and invest in another one.

   One of our customers located in Hawaii owned a home valued at $1M. His idea was to sell the house but it never materialized and he finally had to be satisfied with leasing the property, with the option to purchase it at a future time. The income that came from the rent took care of his monthly mortgage bill, insurance, and property taxes. He also received a two hundred thousand dollars non-refundable advance payment for the three year lease agreement. Having these assurances to cover the home's expenses on a regular basis, he phoned Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan for his next real estate investment. Meaning that he could make a downpayment for the new property, and also repay his existing mortgage.

4. They have a previous loan and can't pay the looming balloon payment.

   A person who invests in real estate and has a previous private mortgage loan and is unable to afford the balloon payment thanks to a change of circumstances can fill out an application for refinancing from an alternative loan company. Refinancing right before the due date enables the borrower to meet the due date for the balloon payment and stay clear of fines in connection with failing to pay the balloon payment.

Interested in discussing loan alternatives with a private mortgage lender in West Point? Fill out the form on this page or call us to discuss your property.