Numerous real estate investors go with private real estate financing to purchase a new home or property, or remodel or refinance one they already have. As opposed to loans from banks, Wauwatosa private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.

That means that even if you do not have a very good credit score, there is still a strong likelihood of qualifying for private money for a real estate loan provided that your real estate project is deemed to be profitable, you have ample money reserved for the downpayment, you have proven yourself competent in earlier real estate projects, you have sizeable equity contained in the home or you can show a clear plan to take care of the loan. And with fast closings of just fourteen days, private real estate mortgages in Wauwatosa may very well be the perfect alternative for real estate investors.

Most individuals work with Wauwatosa private mortgage lenders when:

1. A remodeling job or renovation can allow them to offer the house at a higher price point or fetch more rent.

   E.g. a past borrower owned a duplex. He previously built up ample equity in the asset and the rent payments was a routine revenue stream. He wanted to complete some improvements to the units to be able to maintain high rents, but a lower credit score of 520 meant that a bank would turn down the loan application. Right after he got into contact with Read Rock Capital to obtain financing, we were able to complete a cash-out refinance for 65% of the duplex's appraised value.

2. They're stuck with multiple debts and need to combine them.

   Most people find it stressful to take care of countless payments on a monthly basis. In order to make the situation more reasonable, some people combine each of their outstanding debts into one single line of credit with only one monthly payment.

3. They want to capitalize on the equity within an existing house to work on another real estate project.

   One of Island View's customers in Hawaii owned a residence worth $1M. He wanted to sell the house but that did not work out and he eventually was forced to settle for leasing the property, with the option to purchase it at a later time. The amount of rent was enough to take care of the cost of his ongoing mortgage bill, property taxes and cost of homeowner's insurance. The renter furthermore agreed to pay $200,000 for a deposit for the three year lease agreement. Having these sureties to cover the home's monthly payments on an ongoing basis, he phoned Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan to aid in his subsequent investment. The borrowed funds helped him finance a new investment and also pay off his primary mortgage.

4. They already have a preexisting mortgage and can't pay the pending balloon payment.

   If an unforeseen mishap stops someone from hitting his balloon payment due date, he could approach a new lender to refinance. A refinance will help the borrower avoid missing the due date for the balloon payment and avoid consequences.

Hoping to discuss your mortgage options with a private mortgage lender in Wauwatosa? Submit the contact form on this page or call us to discuss your property.