Private real estate financing gives assistance to real estate investors who want to purchase, fix up or refinance a home or property utilizing a short-term mortgage loan from a privately owned business or an individual. While traditional lenders, for example, banks have an extended, drawn out application process and are likely to be reluctant to offer money to a self-employed applicant, private mortgage loans in West Haven close fast and are easy to qualify for.

That's why, while it's possible you don't have good credit, having a real estate opportunity showing good potential, a substantial downpayment, prior real estate experience, and a good exit strategy are much more relevant when it comes to being qualified for private money for a real estate loan. In addition, West Haven private real estate mortgages close fast to ensure that you get financing right away, letting you close on a deal within a few short weeks.

Most real estate professionals turn to West Haven private mortgage lenders when:

1. They would like to renovate or make repairs to the home so they can market it at an increased price point or to get higher rents.

   For example, we had a client who owned a two-family rental property. He previously built sufficient equity available in the property and the rent was a routine income source. Although a few enhancements to the units would've enabled him to command more rent, a bank would have turned down his mortgage request, because he had a credit score of only 520. Thus, he came to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They've got numerous debts and desire to consolidate them.

   Numerous outstanding debts with different lending rates can be very overwhelming and hard to manage. To arrange a more manageable situation, people combine all their outstanding debts into just one mortgage loan with only one monthly payment.

3. They wish to utilize the equity in an existing property or home to work on a different real estate project.

   One of our borrowers in Hawaii had a home valued at $1.2 million. Though it was difficult for him to find a purchaser for the home, he had found a person that was ready to lease it with an option to purchase it. The funds that came from the rent took care of his regular mortgage bill, home owner's insurance, and taxes. Additionally, he received a $200k non-refundable advance payment for the three year lease. These assurances meant he no longer needed to be concerned with the home's future financial obligations, so when another great real estate opportunity surfaced, he reached out to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This gave him more than enough cash to put towards a deposit on his next home, but additionally helped him pay down the existing mortgage.

4. The balloon payment for a prior loan is due and they are unable to afford it.

   A person who invests in real estate and already has an existing private loan and cannot pay for the balloon payment thanks to a change in circumstances can submit an application for refinancing from an alternative loan company. A cash-out refinance can help you make the balloon payment and evade fines.

Trying to find a private mortgage lender in West Haven to fund your investment purchase? Fill out the form or give us a call and let's discuss the project you have in mind.