Featured Loan16 Residential Rental Property Loans in California
Loan Amount: $6,500,000
Loan-To-Value: 60% LTV
Situation & Challenge
A builder completed a luxury spec home in Orange County and needed lower cost debt on the property during the expected 9-12 month marketing phase of the project.
We needed to find either low-cost hard money or a portfolio bank loan with easy qualifying.
Solution & Result
First Capital Trust Deeds secured a $6,500,000 loan with a 12-month term, setting up a 12-month interest reserve to cover debt coverage, which eliminated the need to underwrite borrower personal and business income. The 12 payments set aside satisfied the income qualification.
The property sold inside of 12-months, allowing the builder to invest profits into their next project.