Case Study85% LTV High-Rise Condo Acquisition
Loan Amount: $630,000
Loan-To-Value: 85% LTV
Term: 12-Months with No Prepayment Penalty
The investor buying this bank-owned condo downtown San Diego was spread thin with numerous projects at various stages of completion and didn’t want to lose out on this unit. Thus, the need for an 85% LTV hard money loan to quickly acquire an REO.
When the client called, they only had one week until the scheduled close of escrow. Up to that point, the highest LTV offer was 80%.
Solution & Result
First Capital provided the client with an 85% LTV purchase money loan through a family office in Los Angeles.
The lender left LA and met the client at the property at 7:00AM for a five-minute site inspection. Loan docs were emailed to escrow later that morning and the buyer closed on the condo right on time.