This frequent buyer and seller of distressed properties needed cash to quickly close on another fix and flip purchase in Riverside County. No problem since they owned this Garden Grove home outright and would be flipping it within the next year. FCTD was able to quickly obtain a 12-month hard money bridge loan for them.
Within 24 hours, FCTD worked with a Los Angeles based trust deed investor to issue the loan docs for a 12-month bridge loan at 65% Loan-to-Value (LTV). Then all it took was a quick five minute lender inspection of the property after the loan docs were signed and prior to funding. This actually happens quite a bit where our borrowers sign loan docs in the morning, the trust deed investor/lender walks the property that afternoon (or the following morning) and then authorizes the wire to go out to escrow to fund the loan.
12-Month Hard Money Bridge Loan Terms:
- $305,000 Loan Amount (65% LTV)
- 11.00% Interest-Only
- 12-Month Term
- No Prepayment Penalty