A Los Angeles, California-based real estate investor needed quick turnaround financing for a new acquisition. The investor needed a cash-out private money loan of $300,000 within a week to move quickly on the purchase of a new property about to come on the market.
First Capital Trust Deeds secured the private money loan at 8.00% interest-only for 36-months with no appraisal or site inspections needed, clearing the necessary loan documentation within two days. The investor used a $2,000,000+ “free and clear” building in the Los Angeles area as collateral and the provided photos, rent rolls, and the quick delivery of necessary documentation, which sped up the process.
Commercial Hard Money Loan Terms:
- $300,000 Loan Amount (15% LTV)
- 8.00% Interest-Only
- $2,000/Month Payment
- 60-Month Term
- 12-Month Prepayment Penalty
- No Appraisal Required