Private real estate financing entails obtaining a short-term loan from a privately owned company or individual person as a way to buy, carry out improvements on or refinance a property. Contrary to loans from banks, Bridgeport private mortgage loans close fast, are easy to qualify for and available to self-employed individuals.

Meaning that no matter the level of your credit score, there is still a high likelihood of obtaining private money for a real estate loan if your real estate project is deemed to be profitable, you have enough capital to use for the downpayment, you have demonstrated yourself capable in past real estate ventures, you have sizeable equity in the property or you have a legitimate plan to pay off the loan. Besides, if you are hoping for a fast closing, there are no better options than Bridgeport private real estate mortgages.

Ordinarily, customers count on Bridgeport private mortgage lenders to provide capital for their projects when:

1. A rehab or update can help them sell the home at a higher price point or fetch extra rent.

   As an example, a past client had a duplex. He already had a significant amount of equity in the property and the rent checks generated steady cash flow. He desired to do some renovation to the property to be able to maintain high rents, but a lower credit score of 520 meant that a bank would doubtless turn down his loan application. Thus, he reached out to Read Rock Capital for a cash-out refinance and obtained financing at 65% LTV.

2. They wish to combine all of their financial debts into one single payment.

   Numerous debts with a variety of lending rates are often too much to handle and difficult to manage. As a result, lots of people get a loan from a property's equity to merge all their debts into just one loan.

3. They want to make use of the equity available in an existing house to do another project.

   One of Island View's borrowers in Hawaii owned a property worth $1.2 million. When he could not secure a buyer for the home, he signed a lease-option-to-buy arrangement with somebody. The cash that came from the lease contract took care of his monthly mortgage expenses, insurance, and property taxes. Additionally, he received a $200,000 non-refundable down payment for the 3 year agreement. With these assurances handling the property's expenses on a recurring basis, he called Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan to aid in his subsequent real estate investment. This means that he was able to make the deposit for the new investment, and also repay his present mortgage.

4. The balloon payment for an existing loan is due and they cannot pay it.

   A person who invests in real estate and has a previous private loan and is not able to afford the balloon payment on account of a change of circumstances can fill out an application for refinancing from a different lender. A cash-out refinance helps you pay the balloon payment and evade fines.

Hoping to find a private mortgage lender in Bridgeport to help you afford your real estate investment? Submit the contact form on this page or get in touch with us via phone to discuss the property or properties you have in mind.