First Capital Trust Deeds funded a 5-property cross-collateralized private money bridge loan for a multi-family investor in Los Angeles that wanted to have cash on hand to acquire distressed properties expected to become available during the COVID-19 economic slowdown.
The borrower’s exit strategy is to refinance the five different apartment buildings secured by the $1,775,000 first trust deed into Fannie or Freddie multi-family loans within the coming year, as the owner expects interest rates to stabilize closer to 3.00% for 30-year fixed rate loans.
Private Money Cross Collateralized Loan Details
Loan Amount: $1,775,000
Term: 12 Months