Private real estate financing helps investors purchase, renovate or refinance a property utilizing a short-term loan from a privately owned firm or an individual. Unlike bank loans, West Bend private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

That means that even if you don't have a very good credit score, you still have a high probability of receiving private money for a real estate loan provided that your real estate project is presumed to be profitable, you have enough capital available for the downpayment, you have demonstrated yourself capable in real estate previously, you have substantial equity contained in the home or property or you have a well-defined plan to pay back the balance of the loan. And with fast closings of 14 days, private real estate mortgages in West Bend may very well be the perfect choice for ambitious real estate investors.

Usually, customers get a hold of a private mortgage lender in West Bend when:

1. They wish to update or make repairs to the house to enable them to offer it at a higher price or to charge higher monthly rental fees.

   For instance, we had a borrower with a 2-unit rental. He had plenty of equity in the house and the rent checks brought in regular monthly income. Although several upgrades to the units would have enabled him to ask for more rent, a bank would definitely have turned down the loan application, considering that he had a credit score of only 520. Accordingly, he turned to Read Rock Capital for a cash-out refinance and obtained a loan at 65% LTV.

2. They wish to combine all their outstanding debts into one single payment.

   Multiple unsecured debts with a range of rates can be quite overwhelming and hard to keep track of. Due to this fact, numerous people borrow against their home equity to merge their debts into just one mortgage loan.

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

   As an example, one of Island View's clients located in Hawaii had a property appraised at more than one million bucks. Though it was challenging for him to secure an interested party for the property, he had found someone that was open to lease it having the option to purchase it. The rental agreement payouts made it possible to meet his current mortgage expenses, taxes and homeowner's insurance. Additionally, he was given a $200k non-refundable deposit for the 3 year lease contract. With the help of this collateral to take care of the property's foreseeable bills, he came across a new investment opportunity and got in touch with Read Rock Capital for a private mortgage loan close to 70% of the property's appraised value. This not only gave him enough cash to use for a downpayment or his next home, but additionally helped him pay off the existing mortgage.

4. The balloon payment for a previous loan is due and they are not able to pay it.

   A person who invests in real estate and currently has an existing private loan and cannot afford the balloon payment caused by a change of circumstances can submit an application for refinancing from another lender. A refinance will help the person hit the due date for the balloon payment and steer clear of any penalties.

Hoping to find a private mortgage lender in West Bend to help you afford your investment purchase? Submit the form on this page or give us a call and let's discuss your project.