Featured LoanBay Area Hard Money Refinance Plus Rehab Financing
Loan Amount: $1,240,000
Loan-To-Value: 54% of Completed Value
Situation & Challenge
COVID-19 was the first challenge to deal with as uncertainty across all markets (real estate, equities, bond, etc) plus the physical health of citizens in the United States and worldwide. At the beginning of March, most people were quickly learning that the country was facing a pandemic and starting to realize there would be deep pain felt across all aspects of life.
Solution & Result
This loan needed to close quickly due to a maturing private money loan encumbering the property. FCTD placed the loan with a local trust deed investor who lived ten minutes away from the home. The TD investor held back funds for the projected $500,000 renovation costs to the home.