First Capital Trust Deeds secured the $1,660,000 total loan, which included 75% purchase 100% rehab financing for a La Jolla flip and fix overlooking La Jolla Shores and the Pacific Ocean.
The loan came with an interest rate of 9.99% for 12-months. This was lower than what the borrower had been paying with previous private money fix and flip loans. We’ve been able to lower the interest rate for many of our clients, which makes their monthly carrying costs lower, and increases the overall profitability of the project.
Fix and Flip Financing Terms:
- $1,360,000 Purchase + $300,000 Rehab Loan
- 9.99% Interest Only
- Interest Begins on Day 1 for the $300K Rehab Funds
- 12-Month Term
- No Prepayment Penalty