Private real estate financing helps investors purchase, renovate or refinance a home or property using a short-term mortgage from a privately owned company or an individual. Unlike bank loans, Wilkinsburg private mortgage loans are fast closing, easy qualifying and available to self-employed customers.

This means that regardless of whether you have a good credit score, you still have a good chance of getting private money for a real estate loan assuming that your investment is regarded as profitable, you have adequate money to use for the downpayment, you have demonstrated yourself competent in real estate in the past, you have substantial equity in the property or you can show a clear-cut plan to pay back the balance of the loan. Besides, if you are searching for a fast closing, there are few options better than Wilkinsburg private real estate mortgages.

Typically, investors get in touch with a private mortgage lender in Wilkinsburg when:

1. They need to remodel or repair the home and property so that they can market it at a higher price point or to fetch higher rents.

   By way of example, there was this customer who owned a 2-unit rental property. He had plenty of equity available in the building and the rent payments generated regular monthly income. Though several enhancements to the property might have enabled him to ask for more rent, a bank would likely have turned down his mortgage request, considering that his credit score was a mere 520. And so he turned to Read Rock Capital to get a cash-out refinance and acquired a loan at 65% LTV.

2. They want to combine their financial debts.

   Multiple outstanding debts with a variety of lending rates can be very overwhelming and difficult to keep track of. To help make the situation more reasonable, people combine all of their unsecured debts into one single loan with just one monthly payment.

3. They would like to use the existing equity within an existing home and property to do a different project.

   One of our customers located in Hawaii owned a house worth $1.2 million. His idea was to sell the house but it did not happen and he ultimately had to be content with leasing the home to someone, with the option to purchase it at a future date. The money that came from the rent covered his continuing mortgage bill, home owner's insurance, and taxes. The tenant also put $200,000 in the form of a non-refundable downpayment as he signed the 3 year contract. Using these assurances to handle the property's monthly payments on a recurring basis, he phoned Read Rock Capital to get a seventy percent LTV private mortgage loan for his subsequent purchase of an investment property. This allowed him to pay an advance on the downpayment for his next property, and also helped with his present mortgage.

4. They want assistance to satisfy the balloon payment for the current mortgage loan.

   A real estate investor who currently has an existing private mortgage and is unable to pay for the balloon payment on account of a change in circumstances can apply for refinancing from a new company. A cash-out refinance helps the person pay the balloon payment and escape penalty.

Hoping to make contact with a private mortgage lender in Wilkinsburg to discuss loan programs for your upcoming real estate investment? Enter your info into the contact form on this page or call us and let's discuss your project.