Private real estate financing means finding a short-term loan via a privately owned firm or individual person with the intention to buy, perform upgrades on or refinance a property. As opposed to bank loans, Brookfield private mortgage loans are fast closing, easy qualifying and offered to self-employed individuals.

This means that even if your credit score just went through the wringer, you still have a good chance of obtaining private money for a real estate loan provided that your undertaking is viewed to be profitable, you have ample money to use for the down payment, you have demonstrated yourself able in past real estate ventures, you have substantial equity in the property or home or you can show an intelligible plan to pay off the loan. Combined with fast closings of only two weeks, private real estate mortgages in Brookfield may very well be the right solution for serious real estate investors.

Most individuals speak with Brookfield private mortgage lenders when:

1. They would like to renovate or make repairs to the home to enable them to offer it at a higher price or to charge higher monthly rental fees.

   To illustrate, one of our borrowers had a twin-home / duplex. He already had a significant amount of equity in the property and the rent generated steady income. A number of choice home renovations would allow him to increase the cost of rent, but with a low credit score of 520, it was highly likely for a bank to turn down his mortgage request. Shortly after he contacted Read Rock Capital to get financing, we were able to do a cash-out refinance at 65% of the house's appraised value.

2. They wish to combine debts.

   Many people find it stressful to deal with countless payments each and every month. This is why a lot of people choose to take advantage of the equity available in their property to combine their financial debts into just one private mortgage which has a lone payment per month.

3. They wish to unlock their existing equity in one property or home and use it to invest in another one.

   By way of example, one of Island View's clients located in Hawaii had a home valued at over a million dollars. He wanted to sell the house but that never materialized and he eventually had to be content with leasing the home to an interested party, with the option to buy at a later date. The lease payouts made it possible to meet his current mortgage expenses, property taxes and homeowner's insurance. Additionally, he received a $200,000 non-refundable downpayment for the three year agreement. Using these sureties to handle the home's financial obligations on a regular basis, he called Read Rock Capital for a 70% LTV private mortgage loan for his upcoming investment. This means that he could make the down payment for his next property, and also repay his current mortgage.

4. They already have a loan and can't pay the pending balloon payment.

   A real estate investor who has a prior private mortgage and is unable to afford the balloon payment on account of a change of circumstances can submit an application for refinancing from a different lender. A refinance will help him avoid missing the due date for the balloon payment and prevent any penalty charges.

Planning to discuss your mortgage alternatives with a private mortgage lender in Brookfield? Enter your info into the form or give us a call to discuss your project.