An experienced Los Angeles-based house flipper used private money fix and flip financing to acquire an Auction.com REO in Lake Elsinore, California with funds secured through First Capital Trust Deeds.
The buyer, who had flipped 50+ homes over the past two and a half years, was seeking quick financing after writing a 14-day contact in order to get the property. We’ve had a few buyers/borrowers write short escrow offers with Auction.com homes and we’ve also seen other buyers/borrowers making offers for 30-day escrow periods.
Either way, First Capital Trust Deeds is able to close on-time especially with experienced house flippers, where loans usually can close within 3-5 days.
Fix and Flip Financing Terms:
- $238,000 Loan Amount
- 12-Month Term
- No Prepayment Penalty