Private real estate financing can help investors purchase, renovate or refinance a home or property using a short-term mortgage loan from a private business or an individual. Contrary to loans from banks, Watertown private mortgage loans are fast closing, easy qualifying and obtainable by self-employed individuals.

So in case you don't have very good credit, having a promising opportunity, a substantial downpayment, previous real estate experience, and a good exit strategy are far more important in regards to qualifying for private money for a real estate loan. Besides, if you are hoping for a fast closing, there are few options better than Watertown private real estate mortgages.

Commonly, customers get a hold of a private mortgage lender in Watertown when:

1. They're looking for money to repair a home and property and offer it for sale for a higher price or to rent it out at a higher monthly amount.

   As an illustration, one of our customers operated a two-family rental. He'd already built up considerable equity in the building and the rent was a routine income source. Although some upgrades to the place may have helped him collect more rent, a bank would most likely have turned down his mortgage request, since he had a credit score of only 520. Thus, he turned to Read Rock Capital for a cash-out refinance and received financing at 65% LTV.

2. They have multiple unsecured debts and prefer to consolidate them.

   Multiple outstanding debts with various interest rates can be quite overwhelming and difficult to manage. On that basis, some individuals do a loan from a property's equity to merge all of their outstanding debts into one mortgage loan.

3. They would like to capitalize on the existing equity in an existing house to do a different project.

   For instance, one of Island View's past customers located in Hawaii had a place appraised in excess of one million bucks. His idea was to sell the house but it did not work out and he ultimately was forced to be satisfied with leasing the place, with the option to buy at a future date. The funds that stemmed from the rent covered his monthly mortgage payment, home owner's insurance, and taxes. Additionally, he was given a $200k non-refundable deposit for the 3-year agreement. Using these assurances to handle the property's financial obligations on a regular basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan for his upcoming purchase of an investment property. The financing helped him finance a new investment property and in addition, pay off his initial mortgage.

4. They want help to meet the balloon payment for a previous loan.

   A real estate investor who currently has an existing private mortgage loan and is unable to pay for the balloon payment on account of a change in circumstances can fill out an application for refinancing from another lender. A refinance can help the borrower hit the cut-off date for the balloon payment and prevent any penalty charges.

Searching for a private mortgage lender in Watertown to finance your investment purchase? Submit the form or call us to discuss the project you have in mind.