A self-employed California home buyer used an 11-month owner occupied private money bridge loan to acquire new primary residence.
At First Capital Trust Deeds the majority of our owner occupied private money bridge loan borrowers are self-employed, have an investment real estate portfolio of cash flowing properties, and they are also actively flipping several properties each year. Our clients primarily look at real estate the same way that we do as a business decision and not an emotional or sentimental acquisition.
This loan was a situation where one of our repeat house flipper and long-term buy/hold investment borrowers found a great home in Northern California and decided to buy it quickly (15-day closing) as a new primary residence.
Since FHA, Fannie Mae, and Freddie Mac cannot typically fund a loan within 15 days, the client used an 11-month owner occupied private money bridge loan to get into the house and will refinance into a conventional loan within a few months.
11-Month Owner Occupied Private Money Bridge Loan Terms:
- $507,000 Loan Amount
- 9.99% Interest-Only
- $4,220/Month Payment
- 11-Month Term
- No Prepayment Penalty