Private Real Estate Mortgages in Waimea

Private real estate financing means obtaining a short-term loan through a privately owned business or individual person in order to buy, carry out upgrades on or refinance a home. In contrast to bank loans, Waimea private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed individuals.

Which means that even if your credit score just went through the wringer, there is still a strong likelihood of getting private money for a real estate loan so long as your project is regarded as profitable, you have ample capital to set aside for the downpayment, you have proven yourself able in real estate in the past, you have significant equity in the property or home or you can show a clear-cut plan to repay the loan. Additionally, Waimea private real estate mortgages close fast to grant you financing right away, helping you close within two to three weeks.

Most borrowers turn to Waimea private mortgage lenders when:

  1. A remodeling job or update can allow them to offer their property at a much higher price or ask for significantly more rent.

    Real example: one of our customers operated a 2-unit rental. At the time, he had a considerable amount of equity in the property and the rent brought in a steady revenue. He sought to complete some modifications to the property to be able to keep his rents high, but a low credit score of 520 meant a bank would turn down the mortgage request. Shortly after he approached Read Rock Capital to get financing, we were glad to do a cash-out refinance at 65% of the duplex's appraised value.

  2. They would like to combine unpaid debts.

    Numerous debts with different rates are incredibly overwhelming and tough to keep track of. To help arrange a more manageable situation, some people merge all of their unsecured debts into only one mortgage loan with only one payment per month.

  3. They would like to use their property's existing equity for some other real estate deal.

    By way of example, one of our clients located in Hawaii had a house appraised in excess of a million bucks. When he failed to secure a buyer for the home, he inked a lease-option-to-buy arrangement with someone. The lease income helped him meet his existing mortgage, taxes and homeowner's insurance. The person also went ahead and paid him 200k as a deposit for a three year lease agreement. Using these sureties to take care of the property's financial obligations on a regular basis, he called Read Rock Capital for a 70% loan-to-value private mortgage loan to help with his next real estate investment. Meaning that he could make a deposit for his next property, and also repay his existing mortgage.

  4. The balloon payment for an existing mortgage is owed soon and they are unable to handle it.

    A person who invests in real estate and has a prior private loan and is not able to pay for the balloon payment because of a change of circumstances can submit an application for refinancing from an alternative loan company. Refinancing ahead of the term date enables you to make the due date for the balloon payment and avert any penalties in connection with missing the balloon payment.

In search of a private mortgage lender in Waimea to fund your real estate investment? Fill out the form on this page or give us a call to discuss your property or properties.

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Investment property loans only please, no primary residences at this time.