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A lot of real estate investors go with private real estate financing to purchase a new home or property, or renovate or refinance one they already own. While traditional lending institutions like banks necessitate a lengthy, drawn out application process and in all likelihood will be reluctant to offer money to a self-employed individual, private mortgage loans in Washington close fast and are easy qualifying.
That is good for real estate investors considering that someone with bad credit can apply for private money for a real estate loan so long as he has a deal that shows strong potential, he has sufficient cash for a downpayment, he has shown himself competent in past real estate ventures, and he can show a good exit strategy. Besides, if you would like a fast closing, you will not come across many alternatives better than Washington private real estate mortgages.
Most real estate professionals turn to Washington private mortgage lenders when:
They would like to renovate or make repairs to the property or home to enable them to sell it at a higher price or to bring in higher monthly rental fees.
E.g. a past client had a twin-home / duplex. He had a great deal of equity available in the house and the rent checks brought in regular income each month. He desired to do some upgrades to the place so that he could maintain high rents, but a poor credit score of 520 meant that a bank would doubtless turn down the loan application. Consequently, the borrower called Island View Private Loan Fund (IVPLF) to execute a cash-out refinance that in turn gave him a loan for 65% of the duplex's value.
They wish to consolidate personal debts.
Countless debts with various interest rates can be too much to handle and tough to keep track of. For this reason, a lot of people opt to make the most of the equity in their property to combine each of their unsecured debts into just one private mortgage loan having a lone payment per month.
They want to unlock their existing equity in one property and use it to acquire another one.
As an example, one of Island View's borrowers in Hawaii had a property valued in excess of one million bucks. He wanted to sell the house but that did not work out and he eventually was forced to be satisfied with leasing the house to an interested party, with an option to buy at a later time. The revenue that stemmed from the rent covered his continuing mortgage expenses, insurance, and property taxes. The person furthermore consented to pay him two hundred thousand dollars for a down payment for a 3 year lease contract. These assurances meant he no longer had to be concerned with the home's future expenses, and as a result, when a new real estate investment opportunity showed up, he reached out to IVPLF and got a private mortgage loan at 70% LTV. The borrowed funds helped him put enough money towards his next investment as well as pay off his initial mortgage.
They want help to satisfy the balloon payment for the current private loan.
If an unanticipated incident prevents a borrower from making his balloon payment due date, he can seek out an alternative company to refinance. A cash-out refinance helps the person make the balloon payment and evade fines.
Looking for a private mortgage lender in Washington to help you afford your investment purchase? Submit the contact form or get in touch with us via phone and let's talk about the property or properties you have in mind.
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