First Capital Trust Deeds recently closed on a $1,000,000 multi-property blanket loan for a real estate developer in San Diego who used four free and clear rental properties, plus the vacant lot as collateral in order to build a luxury spec home in Rancho Santa Fe.
The loan was a perfect fit for a Northern California private money fund which has a preference for properties in prime locations for very strong borrowers. Since the properties and the borrower were in alignment with the fund’s underwriting parameters, the loan closed in approximately two weeks after basic underwriting and a lender site inspection.
Multi-Property Blanket Loan Terms:
- $1,000,000 Loan Amount (40% Loan-To-Value)
- 6.99% Year 1 | 7.99% Year 2
- 24-Month Term