Featured LoanForeign National Bridge Loan Purchase Money Loan
Loan Amount: $1,075,000
Loan-To-Value: 60% LTV
Situation & Challenge
The foreign national buyers were turned down for bank financing one week before the scheduled close of escrow. There was an all-cash backup offer waiting in the wings in case the buyers were not able to perform.
We needed to close within one week in order to meet the close of escrow deadline. The buyers were flying back home to Asia on the day escrow was scheduled to close, so there couldn’t be any delays.
Solution & Result
First Capital Trust Deeds secured financing from a Los Angeles-based family office on a 12-month bridge loan. The lender met the buyers and their Realtor at the property for a site inspection and sent loan docs to escrow to be signed.
The transaction closed two days ahead of schedule. Within six months, the homeowners refinanced out of the private money bridge loan into a jumbo bank loan through California-based bank specializing in foreign borrowers.