Private real estate financing entails obtaining a short-term loan via a privately owned firm or individual person in order to purchase, perform improvements on or refinance a property or home. Westbrook private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are open to self-employed individuals.

That's why, in case you don't have great credit, having a promising real estate opportunity, a considerable down payment, past experience in real estate, and a well-defined exit strategy are much more relevant in terms of qualifying for private money for a real estate loan. In addition, Westbrook private real estate mortgages close fast to grant you funding right away, helping you close within a few short weeks.

Normally, customers approach a private mortgage lender in Westbrook when:

1. They want to renovate or fix up the property to enable them to offer it at a much higher price or to fetch higher rents.

   E.g. one of our clients had a twin-home / duplex. He had plenty of equity available in the property and the rent brought in regular monthly income. He desired to do some modifications to the units to be able to maintain high rents, but a poor credit score of 520 meant a bank would undoubtedly turn down his mortgage application. Accordingly, he turned to Read Rock Capital to do a cash-out refinance and acquired a loan at 65% LTV.

2. They're saddled with multiple unsecured debts and would like to combine them.

   Numerous outstanding debts with a variety of rates are incredibly overwhelming and tough to keep an eye on. To make the situation more reasonable, some people merge each of their debts into only one line of credit with one payment per month.

3. They prefer to take advantage of their property's existing equity for another real estate deal.

   One of our clients located in Hawaii had a residence valued at $1M. He wanted to sell the house but that did not work out and he ultimately had to be satisfied with leasing the home to an interested party, with an option to buy at a later time. The rental agreement payments helped him meet his existing mortgage, taxes and insurance. The person also went ahead and paid him two hundred thousand dollars in the form of an advance payment for a three year agreement. The signed agreement meant he did not have to be concerned about the home's ongoing financial obligations, and as a result, when another promising investment opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. This enabled him to make the down payment for his next investment, and furthermore pay down his current mortgage.

4. They have an existing private loan and can't afford the looming balloon payment.

   If a borrower is unable to pay a balloon payment because of unanticipated factors, he can seek to refinance his loan with a different loan company. A cash-out refinance helps you make the balloon payment and escape fines.

Looking to discuss your financing alternatives with a private mortgage lender in Westbrook? Submit the form or call us and let's talk about your property or properties.