Private real estate financing involves finding a short-term mortgage through a private business or individual person in order to buy, perform improvements on or refinance a home or property. Kent private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are open to self-employed applicants.

This is a good thing for investors considering that somebody with poor credit can apply for private money for a real estate loan given that he has a project that shows promise, he has enough cash for a down payment, he has proven himself competent in earlier real estate investments, and can show a good exit strategy. And having fast closings of just 2 weeks, private real estate mortgages in Kent are the right alternative for real estate investors.

Primarily, clients pay a visit to Kent private mortgage lenders to supply capital for their real estate ventures when:

1. They want to find funds to repair a property and market it at a higher price point or to rent it out at a higher monthly amount.

   By way of example, we had a client who owned a two-unit rental property. He held a great deal of equity available in the property and the rent payments generated regular income each month. He desired to complete some renovation to the property to be able to maintain high rents, but a low credit score of 520 meant a bank would undoubtedly turn down the mortgage application. Shortly after he contacted Read Rock Capital to obtain a mortgage, we were glad to complete a cash-out refinance at 65% of the home's assessed value.

2. They have numerous outstanding debts and desire to consolidate them.

   The majority of people find that it's stressful to take care of countless payments each month. To make the situation more manageable, some people consolidate each of their outstanding debts into only one mortgage loan with one payment per month.

3. They wish to use the equity available in an existing property or home to work on an additional real estate investment.

   One of Island View's clients in Hawaii owned a residence valued at $1.2 million. When he could not secure a buyer for the house, he agreed to a lease-option-to-buy deal with an interested party. The amount of rent was enough to handle the cost of his monthly mortgage bill, taxes and cost of homeowner's insurance. He also received a $200k non-refundable advance payment for the three year agreement. Having this collateral to cover the house's foreseeable financial obligations, he stumbled on a new real estate opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan around 70% of the home's value. This allowed him to pay an advance on the downpayment for the new investment, and also pay down his current mortgage.

4. The balloon payment for an existing mortgage is due and they can not pay it.

   A real estate investor who currently has an existing private mortgage and is unable to afford the balloon payment because of a change in circumstances can submit an application for refinancing from another lending company. A refinance can help him avoid missing the due date for the balloon payment and prevent any fees and penalties.

Wanting to make contact with a private mortgage lender in Kent to discuss funding options for your next real estate investment? Fill out the contact form on this page or get in touch with us via phone to talk about the property you have in mind.