Featured Loan$1,000,000 Blanket Loan For Ground-Up Construction
Loan Amount: $1,000,000
Loan-To-Value: 50% LTV
Situation & Challenge
A builder in San Diego wanted lower priced construction financing for a luxury spec home in Rancho Santa Fe but didn’t want to spend three months going back and forth with a bank, which would scrutinize their Adjusted Gross Income and probably deny the construction loan. Active real estate investors face this predicament all the time when working with banks.
The challenge was to find a lower cost private money lender that could fund within two weeks with no questions asked.
Solution & Result
First Capital Trust Deeds used three of the investor’s rental condos plus the subject property vacant lot in Rancho Santa Fe as collateral for the $1,000,000 loan.
Within three days, the lender flew down from Northern California to meet the borrower and walk the properties in the morning, sending loan docs to escrow that afternoon. The $1,000,000 loan was completed in eight days.