Featured Loan5 Condo Cross-Collateralized Loan
Loan Amount: $3,000,000
Loan-To-Value: 68% LTV
Situation & Challenge
The owner of five rental condominiums in the East Bay needed to pull cash out to renovate the units before selling.
Two units were vacant and leases on the other three units were expiring within the next four months. Cash flow wouldn’t factor in the underwriting. This would be an equity-based loan.
Solution & Result
First Capital Trust Deeds secured a $3,000,000 cross-collateralized blanket loan across all five condo units with an investment fund in Southern California.
The loan closed within three weeks allowing the investor to get started on renovating the two vacant units.