Private real estate financing entails finding a short-term loan through a privately owned business or individual as a way to purchase, perform upgrades on or refinance a property. While typical lenders, for example, banks have an extended, time consuming application process and in all likelihood will be reluctant to lend money to a self-employed individual, private mortgage loans in Bellevue close fast and have minimal eligibility criteria.

That's good for investors considering that a person with poor credit can qualify for private money for a real estate loan provided that he has a promising project, he has plenty of money for a down payment, he has proven himself capable in the real estate market, and he has a good exit strategy. And having fast closings of only two weeks, private real estate mortgages in Bellevue are an ideal solution for serious real estate investors.

Most real estate investors speak with Bellevue private mortgage lenders when:

1. They want to find capital to fix up a home and property and put it up for sale for a much higher price point or to rent it out for more money.

   Real example: one of our customers held a 2-family rental property. He held a great deal of equity in the building and the rent payments generated regular income each month. A number of select home renovations would undoubtedly help him bump up his rents, but because of a bad credit score of 520, it was highly likely for a bank to turn down the mortgage request. For that reason, the borrower got in touch with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that got him financing for 65% of the property's market value.

2. They've got numerous debts and would like to combine them.

   Countless debts with various rates can be extremely overwhelming and hard to keep track of. To successfully set up a more reasonable situation, some people combine all of their outstanding debts into only one mortgage loan with only one payment per month.

3. They wish to release the equity in one property or home and use it to acquire another one.

   One of our borrowers in Hawaii owned a property valued at over $1,000,000. His plans to sell the house did not happen and he ultimately was forced to settle for leasing the property, with an option to purchase it at a later time. The rent checks were enough to pay for the cost of his monthly mortgage bill, property taxes and homeowner's insurance payments. He also received a two hundred thousand dollars non-refundable down payment for the 3 year lease. Having this collateral to pay for the home's foreseeable expenses, he stumbled on another great real estate investment opportunity and contacted Read Rock Capital for a private mortgage loan close to 70% of the property's appraised value. Meaning that he was able to make the deposit for the new property, and also help with his present mortgage.

4. They already have an existing loan and can't afford the pending balloon payment.

   If an unanticipated event stops a person from making his balloon payment deadline, he could approach a different loan provider to refinance. Refinancing ahead of the due date enables you to meet the deadline for the balloon payment and avoid penalty charges related to failing to pay the balloon payment.

Wanting to connect with a private mortgage lender in Bellevue to talk about financing alternatives for your upcoming investment? Complete the form or give us a call to discuss your project.