The borrower needed the loan to acquire and stabilize the property by placing a renter in the home. After the tenant is in place and has made two payments, the borrower plans on refinancing the hard money loan into long-term financing by taking out a conventional loan.
12-Month Hard Money Bridge Loan Terms:
- $277,000 Loan Amount (62% Loan-to-Value)
- 12-Month Term
- No Prepayment Penalty
- Exit Strategy: Rent the Unit and Refinance into Conventional Mortgage Within 2-3 Months