California Owner Occupied Private Money Loan In Fontana

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California Owner Occupied Private Money Loan In Fontana

First Capital Trust Deeds secured the California owner occupied private money loan for the home buyer of this beautiful home in Fontana.

Owner occupied private money loans serve a very small segment of the California home buyer market. Buyers who cannot obtain conventional or FHA financing, who also happen to have at least a 35% down payment with significant income are taking out owner occupied private money loans in order to get into a house knowing that within 1-2 years they’ll refinance into a conventional or FHA loan.

Our self-employed clients in Fontana had nearly 60% down payment funds and a very steady verifiable income that made this loan go through relatively quickly. And that’s what we like to see.

For the buyers/borrowers, the 9.50% rate wasn’t ideal, but they realized that it was only temporary until they can refinance into a conventional loan, which would be within 12-18 months.

For the trust deed investor, this loan made a lot of sense to fund with the significant protective equity and strength of the borrowers who had rebounded rather well after going through a rough patch.

California Owner Occupied Private Money Loan Terms:

  • $200,000 Loan Amount (42% LTV)
  • 9.50% Interest-Only
  • 1,583/Month Payment
  • 240-Month Term
  • 6-Month Prepayment Penalty
Do you have a similar financing scenario?
Inquire about your financing options with FCTD.