Private real estate financing means obtaining a short-term mortgage from a privately owned firm or individual as a way to buy, carry out improvements on or refinance a home or property. West Mifflin private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available for self-employed individuals.

This is a good thing for real estate investors considering that even a person with poor credit can opt for private money for a real estate loan given that he has a promising deal, he has plenty of cash for a downpayment, he has demonstrated himself competent in real estate, and he has a preplanned exit strategy. In addition to this, if you are hoping for a fast closing, you won't find any options better than West Mifflin private real estate mortgages.

Usually, clients get in touch with a private mortgage lender in West Mifflin when:

1. They are in need of money to fix up a property and sell it at a higher price point or to rent it out for more money.

   One example is a borrower who owned a two-unit rental. He previously built up ample equity available in the house and the monthly rent checks was a regular income source. Although several remodeling work to the property might have enabled him to ask for more rent, a bank would undoubtedly have turned down his loan request, because his credit score was down at 520. So he turned to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They need to consolidate unpaid debts.

   A lot of people think it is stressful to deal with numerous payments each and every month. On that basis, many individuals borrow against their home's equity to merge their debts into one single mortgage loan.

3. They wish to capitalize on the existing equity available in their existing home and property to work on a different real estate project.

   For instance, one of our clients in Hawaii had a house valued at over a million dollars. When he could not secure a buyer for the house, he inked a lease-option-to-buy contract with an interested party. The rent checks were sufficient to take care of his monthly mortgage payment, taxes and insurance payments. Additionally, he received a $200k non-refundable deposit for the 3-year contract. With these assurances to pay for the property's foreseeable financial obligations, he ran across another promising investment opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the home's value. The money helped him pay for a different investment property and in addition, deal with his original mortgage.

4. They have a previous mortgage and cannot pay the pending balloon payment.

   A person who invests in real estate and already has an existing private mortgage and cannot afford the balloon payment on account of a change of circumstances can fill out an application for refinancing from an alternative lending company. A cash-out refinance helps the person complete the balloon payment and evade fines.

Looking for a private mortgage lender in West Mifflin to fund your investment purchase? Submit the form on this page or get in touch with us via phone to discuss the property or properties you have in mind.