A lot of real estate investors rely on private real estate financing to pay for a new property or home, or rehab or refinance one they already own. West Burke private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also offered to self-employed individuals.

That is fantastic news for real estate investors considering that somebody with weak credit can opt for private money for a real estate loan assuming that he has a promising project, he has sufficient money for a down payment, he has demonstrated himself competent in the real estate market, and he has a preplanned exit strategy. And with fast closings of only fourteen days, private real estate mortgages in West Burke are the right solution for real estate investors.

In most cases, customers confer with West Burke private mortgage lenders to fund their projects when:

1. They need to update or fix up the property or home in order to market it at a much higher price point or to ask for higher monthly rental fees.

   One example is an applicant who operated a 2-unit rental. He had already built a good amount of equity in the property and the rent was a recurring revenue stream. Although some improvements to the place may have enabled him to command higher rent, a bank would undoubtedly have turned down the loan application, because he had a credit score of a mere 520. Shortly after he approached Read Rock Capital to obtain a loan, we were able to do a cash-out refinance for 65% of the duplex's market value.

2. They need to combine unpaid debts.

   Multiple unsecured debts with different interest rates are too much to handle and challenging to keep track of. As a result, many individuals get a loan from their home's equity to consolidate their outstanding debts into just one loan.

3. They prefer to take advantage of their home's existing equity for a different real estate deal.

   Here is an example. A borrower located in Hawaii owned a house appraised at $1.2M. He wanted to sell the house but that never transpired and he ultimately was forced to be content with leasing the home to an interested party, with an option to purchase it down the road. The funds that came from the lease paid for his monthly mortgage bill, home owner's insurance, and taxes. The renter additionally put two hundred thousand dollars for a non-refundable deposit when he signed the 3-year lease. With these assurances taking care of the property's financial obligations on a recurring basis, he called Read Rock Capital to obtain a 70% loan-to-value private mortgage loan to help with his next real estate investment. The financing helped him finance a different investment and in addition, deal with his primary mortgage.

4. The balloon payment for a previous mortgage is owed soon and they are not able to pay it.

   A real estate investor who has a prior private mortgage loan and is not able to afford the balloon payment as a result of a change of circumstances can submit an application for refinancing from a different lending company. A cash-out refinance can help the person make the balloon payment and evade consequences.

Hoping to find a private mortgage lender in West Burke to help you afford your investment purchase? Fill out the form on this page or get in touch with us via phone to talk about the property you have in mind.