A lot of real estate investors rely upon private real estate financing to acquire a new property, or remodel or refinance one they already have. Wisconsin private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also open to self-employed applicants.

This is a good thing for real estate investors considering that a person with weak credit can opt for private money for a real estate loan as long as he has a promising project, he has sufficient cash for a downpayment, he has proven himself competent in real estate, and can show a preplanned exit strategy. In addition, the fast closing Wisconsin private real estate mortgages provide you with funding right away, allowing you to close a deal within 2 or 3 weeks.

Ordinarily, clients confer with Wisconsin private mortgage lenders to lend money for their projects when:

1. A remodeling job or update will help them sell the house at a much higher price or charge significantly more rent.

   To illustrate, one of our customers owned a duplex. He'd already built a good amount of equity in the house and the monthly rent checks was a regular source of income. Some choice home upgrades would allow him to raise the cost of rent, but because of a lower credit score of 520, it was highly likely for a bank to turn down his loan request. When he got into contact with Island View Private Loan Fund for financing, we were pleased to complete a cash-out refinance at 65% of the property's value.

2. They want to consolidate their unpaid debts.

   Most people know how stressful it is to deal with multiple payments every month. This is why numerous people decide to take advantage of the equity in their home to merge all of their debts into one mortgage loan having a lone payment per month.

3. They would like to employ the equity in one house and use it to acquire a different one.

   Here is an example. A client in Hawaii had a property appraised at $1,200,000. When he was unable to procure a buyer for the property, he entered into a lease-option-to-buy arrangement with someone. The cash that stemmed from the rent covered his continuing mortgage payment, home owner's insurance, and taxes. Additionally, he received a $200k non-refundable deposit for the 3-year lease agreement. These sureties meant that he no longer needed to be concerned with the home's future expenses, and as a result, when a new real estate investment opportunity surfaced, he reached out to IVPLF and got a private mortgage loan at seventy percent LTV. This gave him plenty of capital to use for a down payment or his next property, but additionally made it easier for him to pay down the current mortgage.

4. The balloon payment for a prior loan is due and they are not able to pay it.

   If a person is unable to pay a balloon payment as a result of unexpected factors, he can try to refinance his loan with another loan company. Refinancing prior to the due date helps the borrower to make the due date for the balloon payment and avert any fines related to missing the balloon payment.

Looking to discuss your financing alternatives with a private mortgage lender in Wisconsin? Fill out the form on this page or get in touch with us via phone and let's talk about the property you have in mind.