Private real estate financing gives assistance to investors who want to pay for, fix up or refinance a home or property utilizing a short-term mortgage loan from a private company or an individual. Contrary to loans from banks, Kirkland private mortgage loans are fast closing, easy qualifying and open to self-employed individuals.

So while you might don't have great credit, having a real estate opportunity showing good potential, a sizeable downpayment, prior experience in real estate, and a well-defined exit strategy are much more crucial when being eligible for private money for a real estate loan. Combined with fast closings of only 2 weeks, private real estate mortgages in Kirkland are a perfect alternative for real estate investors.

In most cases, clients confer with Kirkland private mortgage lenders to fund their real estate activities when:

1. They would like to update or make repairs to the house in order to offer it at an increased price or to bring in higher monthly rental fees.

   E.g. one of our borrowers owned a duplex. He previously built up considerable equity in the building and the rent payments was a routine revenue stream. Some select home renovations would undoubtedly help him boost the cost of rent, but because of a lower credit score of 520, it was very certain that a bank would turn down his loan request. Right after he approached Read Rock Capital to get a loan, we were happy to do a cash-out refinance for 65% of the property's assessed value.

2. They want to consolidate their debts.

   Many people find that it's stressful to make countless payments on a monthly basis. This is why some people decide to make use of the equity available in their house to merge all of their financial debts into just one loan which has a lone payment per month.

3. They would like to use their home's existing equity for another real estate deal.

   By way of example, one of Island View's past borrowers located in Hawaii had a house valued above a million bucks. His idea was to sell the house but it did not happen and he finally was forced to settle for leasing the property, with an option to buy at a future date. The lease income made it possible to meet his existing mortgage, taxes and homeowner's insurance. He also was given a two hundred thousand dollars non-refundable down payment for the three year contract. With this collateral to take care of the home's foreseeable expenses, he came across another great investment opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan around 70% of the property's appraised value. The loan helped him put enough money towards a different investment as well as deal with his primary mortgage.

4. The balloon payment for a previous mortgage is owed soon and they cannot afford it.

   If a borrower cannot meet a balloon payment resulting from unexpected factors, he can try and refinance his loan with a different lending company. A cash-out refinance helps the borrower complete the balloon payment and escape fines.

Intending to discuss loan options with a private mortgage lender in Kirkland? Fill out the contact form or call us to talk about the property or properties you have in mind.