Private real estate financing entails finding a short-term mortgage from a private firm or individual person to be able to buy, carry out upgrades on or refinance a property. As opposed to loans from banks, West Greenwich private mortgage loans are fast closing, have minimal eligibility requirements and accessible to self-employed customers.

Thus, in case you have poor credit, having a promising opportunity, a substantial downpayment, prior real estate experience, and a well-defined exit strategy are far more crucial in terms of being approved for private money for a real estate loan. And having fast closings of just 14 days, private real estate mortgages in West Greenwich may very well be the ideal choice for real estate investors.

Generally, people seek out a private mortgage lender in West Greenwich when:

1. They want to find money to fix a home and put it up for sale for a much higher price point or to up the lease amount for renters.

   As an example, a past client had a duplex. He already retained a considerable amount of equity in the building and the monthly rent brought in a steady revenue. Some choice home renovations would help him raise his rents, but since he had a below average credit score of 520, it was very likely for a bank to turn down the mortgage request. Accordingly, he reached out to Read Rock Capital for a cash-out refinance and obtained a loan at 65% LTV.

2. They want to combine all of their outstanding debts into one single loan.

   Many people find that it's stressful to make numerous payments every month. To set up a more manageable situation, some people consolidate each of their financial debts into an individual line of credit with just one payment per month.

3. They want to take advantage of the equity in their existing home to work on a different real estate investment.

   One of our customers located in Hawaii owned a home valued at over $1,000,000. His idea was to sell the house but it never materialized and he eventually was forced to be content with leasing the home to an interested party, with an option to buy at a later time. The cash that came from the rental payments paid for his monthly mortgage payment, insurance, and property taxes. He also received a $200k non-refundable downpayment for the three year lease. With this collateral to cover the home's foreseeable financial obligations, he stumbled on another promising real estate opportunity and contacted Read Rock Capital for a private mortgage loan nearly 70% of the home's value. Meaning that he was able to make a down payment for his next investment, and also help with his current mortgage.

4. They already have a loan and can't afford the pending balloon payment.

   If an unanticipated event stops someone from hitting his balloon payment due date, he could find an alternative loan company to refinance. A refinance can help the borrower avoid missing the due date for the balloon payment and steer clear of any fees and penalties.

Hoping to find a private mortgage lender in West Greenwich to fund your real estate investment? Enter your info into the form on this page or call us and let's talk about the project you have in mind.