Sometimes repeat clients like to spring a surprise loan request upon us, letting us know that they made a 7-day closing offer over the weekend that was accepted by the seller and they needed to close escrow by Friday. That was the case of one of this repeat Northern California house flipper client who closed a 7-day escrow hard money fix and flip loan from First Capital Trust Deeds.
Hard money and 7-day closings like this happen all the time with FCTD. We have made it a habit of getting loans closed quickly. In fact, we’ve even closed loans within 48 hours and been able to have the borrower sign the same day that they contacted us and recorded and disbursed the loan the following afternoon.
FCTD worked with the hard money fund, title, escrow, buyer, seller, and a few other outside parties involved to make sure loan docs were sent out within 48 hours and that the loan recorded, giving everyone breathing room by closing 24 hours ahead of the deadline.
7-Day Escrow Hard Money Fix & Flip Loan Terms:
- $114,375 Loan Amount (73% LTV)
- 12-Month Term
- No Prepayment Penalty