First Capital Trust Deeds, secured an 85% LTV fix and flip financing in Fullerton for a major fixer upper.
This home in a great neighborhood in Fullerton needed some serious “TLC ASAP” by an experienced real estate flipper from Southern California. Ya, that’s the title to a song by Alabama that we quoted but oh well. This house was in bad shape and needed a buyer to come in and make some major renovations to restore it to the condition that a first time-buyer or move-up buyer seeking a move-in ready home would expect.
Even though the property had gone through several years of deferred maintenance (aka – neglect) by the previous owners, while the home worked it’s way through the lengthy California foreclosure process, it was in a great location where homes were selling significantly higher than the purchase price on this property. An 85% LTV fix and flip financing in Fullerton loan was feasible since the buyer had extensive house flipping history and the home, after completion, would meet or exceed the recent sold comparable homes in the neighborhood.
The buyer benefited by getting the maximum leverage for this home at 85% loan-to-value. The trust deed investor was able to quickly originate a $344,000 in less than a week for a buyer who was under a tight funding deadline.
Fix and Flip Financing Terms:
- $344,000 Loan Amount (85% LTV)
- 11.00% Interest-Only
- 12-Month Term
- No Prepayment Penalty