24-Month Apartment Building Loan In San Diego

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24-Month Apartment Building Loan In San Diego

One of the benefits of using a private money apartment building loan, to finance a multi-family property, is that the owner doesn’t have to go through the 3-4 week appraisal process that is usually required by institutional lenders like banks or insurance companies. By using a private money lender, like an individual trust deed investor or family office, an apartment owner can close on a loan in less than a week. This is because the private lender will just do a quick 10-15 minute walk through of the property before issuing loan docs or wiring funds to escrow to close.

First Capital Trust Deeds worked with the property owner and an individual trust deed investor to quickly close this loan prior to an upcoming deadline the owner had on another transaction. Since the lender/investor lived in San Diego County part of the year, he was able to meet the property owner at the site for a quick walk through prior to sending loan docs to escrow. This loan closed within one week and was reasonably priced for a private money loan that used the current rent rolls to verify the cash flow.

Private Money Apartment Building Loan Terms:

  • $725,000 Loan Amount
  • 9.00% Interest-Only
  • $5,437/Month Payment
  • 24-Month Term
  • 6-Month Prepayment Penalty
Do you have a similar financing scenario?
Inquire about your financing options with FCTD.