Private real estate financing involves finding a short-term mortgage from a privately owned firm or individual person in order to buy, perform improvements on or refinance a property. While standard lending institutions like banks will require an extended, drawn out application process and are likely to think twice about giving money to a self-employed borrower, private mortgage loans in Burien close fast and are easy to qualify for.

Meaning that regardless of whether you have a good credit score, there is still a strong likelihood of getting private money for a real estate loan so long as your project is viewed to be profitable, you have enough money to put towards the downpayment, you have proven yourself competent in the real estate market in the past, you have significant equity contained in the property or you can show a clear-cut plan to repay the loan. And having fast closings of only two weeks, private real estate mortgages in Burien may very well be the ideal solution for serious real estate investors.

Most real estate professionals use Burien private mortgage lenders when:

1. They're looking for capital to fix up a home and property and sell it at a much higher price point or to up the lease amount for renters.

   As an example, one of our borrowers owned a duplex. He had plenty of equity available in the house and the rent checks brought in routine monthly income. A number of select home renovations would help him increase the cost of rent, but because of a low credit score of 520, it was very certain that a bank would turn down his loan request. So he came to Read Rock Capital to obtain a cash-out refinance and obtained a loan at 65% LTV.

2. They're saddled with numerous unsecured debts and prefer to combine them.

   A lot of people think it is stressful to make countless payments on a monthly basis. Due to this, lots of people do a loan against a property's equity to merge their debts into one single manageable payment.

3. They want to take advantage of the existing equity within a current house to work on a different real estate project.

   As an example, one of our clients in Hawaii had a home valued at more than one million dollars. He wanted to sell the house but that didn't work out and he ultimately had to be content with leasing the property, with the option to purchase it at a future time. The income that came from the lease covered his continuing mortgage bill, home owner's insurance, and property taxes. The renter furthermore consented to pay two hundred thousand dollars for an advance payment for the three year agreement. Having these assurances to cover the home's foreseeable bills, he discovered another promising real estate investment opportunity and contacted Read Rock Capital for a private mortgage loan around 70% of the home's value. This means that he was able to make the down payment for the new property, and also help with his existing mortgage.

4. The balloon payment for a previous mortgage is owed soon and they are unable to pay it.

   If an unanticipated mishap prevents a person from making his balloon payment due date, he could contact an alternative mortgage company to refinance. A cash-out refinance will help you pay the balloon payment and evade fines.

Hoping to make contact with a private mortgage lender in Burien to go over financing programs for your upcoming real estate investment? Fill out the form or get in touch with us via phone and let's discuss your property or properties.