A lot of real estate investors use private real estate financing to pay for a new home or property, or rehab or refinance one they already have. In contrast to loans from banks, Westfield private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

So while you might have poor credit, having a promising real estate opportunity, a considerable down payment, previous experience, and a clear-cut exit strategy are more relevant in terms of being qualified for private money for a real estate loan. Furthermore, if you want a fast closing, you won't come across any alternatives better than Westfield private real estate mortgages.

Most often, customers confer with Westfield private mortgage lenders to loan money for their real estate activities when:

1. They wish to update or fix up the property or home to enable them to sell it at an increased price point or to fetch higher rents.

   For example, there was this borrower who owned a 2-family rental property. He had already built up adequate equity available in the house and the rent payments was a regular revenue stream. He sought to complete some improvements to the place to help maintain high rents, but a lower credit score of 520 meant a bank would doubtless turn down the loan request. Right after he got into contact with Read Rock Capital to obtain a loan, we were able to complete a cash-out refinance at 65% of the duplex's valuation.

2. They would like to merge each of their unsecured debts into one payment.

   Numerous debts with a variety of rates can be very overwhelming and challenging to keep an eye on. As a result, lots of people get a loan from their home equity to combine their debts into a single loan.

3. They prefer to allocate their existing equity in one house and invest in another one.

   One of Island View's borrowers in Hawaii owned a home worth over $1,000,000. When he failed to procure a buyer for his home, he entered into a lease-option-to-buy contract with someone. The funds that stemmed from the lease took care of his regular mortgage payment, insurance, and property taxes. The tenant also gave two hundred thousand dollars in the form of a non-refundable downpayment when he signed the 3-year contract. These sureties meant that he no longer needed to concern himself with the home's future financial obligations, and so when a new investment opportunity came up, he found Read Rock Capital and got a private mortgage loan at seventy percent LTV. The financing helped him cover the cost of his next investment and in addition, pay off his primary mortgage.

4. They have a previous loan and cannot afford the pending balloon payment.

   If someone cannot meet a balloon payment as a result of unexpected causes, he can try to refinance the loan with an alternative loan provider. A refinance will help the borrower avoid missing the due date for the balloon payment and prevent any fines.

Wanting to make contact with a private mortgage lender in Westfield to go over loan programs for your next investment? Enter your info into the contact form or call us and let's discuss the property or properties you have in mind.