Countless real estate investors count on private real estate financing to acquire a new property, or renovate or refinance one they already have. As opposed to loans from banks, West Warwick private mortgage loans close fast, are easy to qualify for and obtainable by self-employed individuals.

So while you might don't have good credit, having a real estate opportunity showing good potential, a substantial down payment, previous real estate experience, and a clear-cut exit strategy are a great deal more crucial when being qualified for private money for a real estate loan. Furthermore, if you are searching for a fast closing, you won't see any available alternatives better than West Warwick private real estate mortgages.

Generally, customers reach out to a private mortgage lender in West Warwick when:

1. They would like to remodel or repair the home and property to allow them to market it at a higher price point or to bring in higher monthly rental fees.

   By way of example, we had a customer who owned a 2-unit rental property. At the time, he retained plenty of equity in the house and the monthly rent delivered steady cash flow. While a few enhancements to the place might have enabled him to collect more rent, a bank would likely have turned down the loan request, considering that he had a credit score of a mere 520. Accordingly, he came to Read Rock Capital to do a cash-out refinance and obtained financing at 65% LTV.

2. They want to combine all their debts into a single loan.

   Countless debts with various lending rates can be very overwhelming and difficult to keep track of. Due to this fact, many individuals do a loan against their home's equity to consolidate all of their debts into just one loan.

3. They wish to take advantage of the equity available in a current house to do an additional project.

   As an example, one of Island View's past customers located in Hawaii had a property appraised in excess of one million bucks. His idea was to sell the house but it did not work out and he eventually was forced to settle for leasing the property to an interested party, with an option to purchase it at a later time. The lease income made it possible to meet his current mortgage expenses, taxes and homeowner's insurance. The renter also gave $200,000 towards a non-refundable down payment when he signed the 3 year agreement. These sureties meant he no longer needed to concern himself with the home's future expenses, so when a new investment opportunity showed up, he came to Read Rock Capital and got a private mortgage loan at 70% LTV. Meaning that he could make the downpayment for the new property, and also pay down his current mortgage.

4. They have an existing mortgage and are not able to pay the pending balloon payment.

   If an unanticipated mishap prevents someone from meeting his balloon payment due date, he could find a new mortgage company to refinance. A refinance can help the person hit the cut-off date for the balloon payment and avoid penalties.

Searching for a private mortgage lender in West Warwick to fund your investment purchase? Fill out the form on this page or get in touch with us via phone and let's talk about the project you have in mind.