First Capital Trust Deeds secured a cash-out 50% LTV hard money bridge loan in El Monte, California on a rental property. The owner was using the funds to remodel the home before putting it on the market in the spring selling season.
This loan, funded by a Los Angeles based family office, only took four days from initial application to the close of escrow. The trust deed investor issued loan docs on the second day, walked the property in the afternoon of the third day after the borrower signed loan docs. On the morning of the fourth day, the loan was funded with recording and disbursement happening in the afternoon that very same day.
Hard money loans don’t always go this fast, but in the right situations with the right property, the right borrower, and the right lender, loans can close in less than a week. Actually, we’ve had several of these happen over the years with this same trust deed investor along with several other lenders whose advantage is speed of closing.
50% LTV Hard Money Bridge Loan Terms:
- $250,000 Loan Amount
- 10.00% Interst-Only
- 12-Month Term
- No Prepayment Penalty