Featured Loan75% LTV Hard Money Purchase Loan During First Month of COVID-19 Pandemic
Loan Amount: $900,000 + $80,000
Loan-To-Value: 75% LTV
Situation & Challenge
The COVID-19 pandemic was just starting to catch the attention of mortgage lenders at the beginning of March. The investors buying this triplex in Los Angeles were coming in with 25% down payment and needed to close within a week on a 12-month hard money bridge loan.
Solution & Result
FCTD worked with a mortgage investment fund in Southern California that structured the 75% LTV loan request as two separate loans: the $900,000 first mortgage at 8.75% (69% LTV) and $80,000 second mortgage at 12.00% (6% LTV for 75% Combined LTV) for a blended rate of 9.015%. This allowed the buyers to close on their acquisition on-time.