Private real estate financing gives assistance to investors who want to pay for, fix up or refinance a home or property using a short-term loan from a privately owned company or an individual. In contrast to bank loans, Westfield private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed borrowers.

That's why, even if you have poor credit, having a real estate opportunity showing good potential, a substantial downpayment, prior experience in real estate, and a well-defined exit strategy are far more important when it comes to being qualified for private money for a real estate loan. Besides, if you would like a fast closing, there are no better options than Westfield private real estate mortgages.

Most often, borrowers rely on Westfield private mortgage lenders to supply capital for their endeavors when:

1. A remodeling job or update will help to offer the home at a higher price point or ask for significantly more rent.

   Real example: one of our customers operated a two-family rental. He had plenty of equity available in the property and the rent payments brought in routine monthly income. A handful of select home upgrades would undoubtedly allow him to bump up his rents, but having a lower credit score of 520, it was highly certain that a bank would turn down his loan application. So he reached out to Read Rock Capital to get a cash-out refinance and obtained a loan at 65% LTV.

2. They have multiple outstanding debts and need to combine them.

   Many people find that it's stressful to manage countless payments every month. In order to make the situation more manageable, some people consolidate all of their financial debts into only one loan with just one monthly payment.

3. They would like to capitalize on the existing equity within a current property or home to do an additional project.

   To provide an example, a borrower in Hawaii had a home valued at $1.2M. Because it was hard for him to find an interested party for the property, he had someone who was ready to lease it with an option to buy. The money that came from the lease contract took care of his ongoing mortgage expenses, home owner's insurance, and property taxes. The renter furthermore consented to pay him 200k as a downpayment for a three year agreement. These assurances meant he no longer needed to worry about the home's future financial obligations, and thus, when a new real estate investment opportunity showed up, he came to Read Rock Capital and got a private mortgage loan at 70% LTV. The money helped him afford a new investment property and also pay off his primary mortgage.

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

   If an unexpected mishap hinders a borrower from meeting his balloon payment due date, he can approach a new company to refinance. Refinancing before the due date helps you to meet the deadline for the balloon payment and stay clear of penalties in connection with failing to make the balloon payment.

Looking to make contact with a private mortgage lender in Westfield speak about funding programs for your next real estate investment? Submit the form on this page or call us and let's talk about your project.