After a decade as a rental property, the home needed several repairs including a new roof, new carpet and paint, updated kitchen and bathrooms, along with several other smaller items that buyers in this market are looking for. The most important upgrade was the new roof, which at the time of our loan, wouldn’t have passed Fannie / Freddie / FHA requirements.
The Los Angeles based trust deed investor that funded this 12-month hard money bridge loan did a 5-minute walkthrough with the owner and had loan docs ready an hour later. Speed of closing is one of the best things about hard money lending.
12-Month Hard Money Bridge Loan Terms:
- $260,000 Loan Amount
- 12-Month Term
- No prepayment penalty