Case Study"Cash Offers Only" Hard Money Acquisition Loan
Loan Amount: $235,000
Loan-To-Value: 75% LTV
Situation & Challenge
An active house flipper wanted to buy an unfinanceable REO which was marketed as “Cash Offers Only” due to the poor condition of the property.
This is a type of property that hard money lenders finance all the time. Yet, the bank selling the property had to accept an offer that was financed by hard money rather than straight cash.
Solution & Result
FCTD provided the buyer with a loan featuring 75% of the purchase price and 100% of rehab budget, closing in just ten days. The client quickly renovated the home and placed it back on the market within 90 days.