Private real estate financing means getting a short-term loan from a private firm or individual person to be able to buy, perform upgrades on or refinance a home or property. West Hartford private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also available to self-employed applicants.

It means that even if your credit score recently went through the wringer, there is still a high likelihood of getting private money for a real estate loan as long as your project is viewed to be profitable, you have enough capital to set aside for the downpayment, you have shown yourself able in real estate previously, you have significant equity contained in the home or property or you can show an intelligible plan to pay back the balance of the loan. What's more, the fast closing West Hartford private real estate mortgages grant you funding right away, allowing you to close within weeks.

Typically, investors get in touch with a private mortgage lender in West Hartford when:

1. They wish to renovate or make repairs to the property or home to enable them to market it at a higher price or to ask for higher rents.

   For instance, we had a client who owned a two-unit rental property. He already retained a significant amount of equity available in the property and the rent checks delivered steady revenue. A handful of choice home upgrades would help him increase the cost of rent, but with a low credit score of 520, it was extremely probable for a bank to turn down his loan request. Shortly after he got into contact with Read Rock Capital for a loan, we were glad to do a cash-out refinance at 65% of the house's market value.

2. They have multiple unsecured debts and would like to consolidate them.

   The majority of people think it is stressful to manage countless payments every month. To successfully make the situation more manageable, people merge all of their outstanding debts into an individual line of credit with only one monthly payment.

3. They want to take advantage of the equity within an existing home to work on another real estate investment.

   For instance, one of Island View's previous customers in Hawaii had a house appraised at more than one million bucks. When he was unable to procure a buyer for his house, he entered into a lease-option-to-buy deal with an interested party. The rent checks were more than enough to handle his ongoing mortgage payment, taxes and cost of homeowner's insurance. The tenant furthermore went ahead and paid 200k in the form of a down payment for a 3-year lease agreement. With these assurances taking care of the property's financial obligations on an ongoing basis, he contacted Read Rock Capital to obtain a 70% loan-to-value private mortgage loan to help with his subsequent investment. This not only gave him adequate cash to use for a deposit or his next home, but also helped him pay off the existing mortgage.

4. They need help to satisfy the balloon payment for the existing loan.

   If a person is unable to make a balloon payment as a result of unexpected causes, he can try and refinance his loan with an alternative loan provider. A refinance will help him hit the due date for the balloon payment and steer clear of any penalties.

Wanting to connect with a private mortgage lender in West Hartford to go over funding programs for your upcoming real estate investment? Enter your info into the form or get in touch with us via phone and let's talk about your project.