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Numerous real estate investors count on private real estate financing to buy a new home or property, or rehab or refinance one they already have. Unlike bank loans, West Virginia private mortgage loans are fast closing, easy qualifying and open to self-employed borrowers.
That's a good thing for real estate investors considering that someone with weak credit can obtain a private money for a real estate loan provided that he has a project that shows promise, he has sufficient money for a down payment, he has shown himself capable in the real estate market, and can show a good exit strategy. Additionally, West Virginia private real estate mortgages close fast to grant you funding without delay, helping you close within weeks.
Ordinarily, clients count on West Virginia private mortgage lenders to fund their real estate ventures when:
They would like to update or fix up the house to allow them to offer it at an increased price or to bring in higher rents.
For instance, there was a client with a two-family rental property. At the time, he had a lot of equity available in the house and the rent generated steady cash flow. He desired to perform some improvements to the place so that he could maintain high rents, but a low credit score of 520 meant a bank would doubtless turn down the loan application. Consequently, the customer contacted Island View Private Loan Fund (IVPLF) to do a cash-out refinance which in turn gave him financing for 65% of the duplex's value.
They need to merge their debts into a single loan.
Numerous outstanding debts with various interest rates can be very overwhelming and difficult to manage. To put together a more manageable situation, people merge each of their financial debts into one single line of credit with one monthly payment.
They wish to utilize their house's existing equity for another real estate deal.
As an example, one of our previous borrowers located in Hawaii had a property appraised above one million dollars. His plans to sell the house never transpired and he eventually had to settle for leasing the property to an interested party, with an option to buy at a future date. The money that came from the rent covered his ongoing mortgage bill, insurance, and property taxes. The tenant furthermore agreed to pay $200,000 for a down payment for a 3-year agreement. With these sureties covering the home's expenses on a recurring basis, he called IVPLF for a seventy percent LTV private mortgage loan for his next purchase of an investment property. The money helped him afford a different investment as well as pay down his primary mortgage.
They need help to meet the balloon payment for the existing private loan.
If an unforeseen event prevents a borrower from hitting his balloon payment due date, he could find an alternative loan provider to refinance. A refinance can help him avoid missing the due date for the balloon payment and steer clear of any penalties.
Are you searching for a private mortgage lender in West Virginia to fund your investment purchase? Submit the form on this page or call us and let's discuss your project.
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