Featured LoanCOVID-19 Delayed Non-QM Loan Switched to Hard Money Bridge Loan
Loan Amount: $300,000
Loan-To-Value: 60% LTV
Situation & Challenge
As the secondary loan market where Non-QM lenders sell their loans came to a halt mid-March, this rental property loan, which was ready for docs to be signed, had to be switch from a 3-year loan to an 18-month hard money bridge loan.
Solution & Result
Fortunately, over the years, FCTD has developed a large network of lending sources to place Non-QM loans, which as you can see has dried up, and hard money loans. Since the owner of this property had extensive real estate experience, FCTD was able to switch from the Non-QM lender to a hard money trust deed investor familiar with the property in Portland.