Featured LoanHard Money Bridge Loan in Auburn Washington
Loan Amount: $159,000
Loan-To-Value: 80% LTV
First Capital Trust Deeds worked with a long-time contractor who did not have any fix and flip experience under his name. All of his experience over two decades were on commercial construction projects all over the Seattle area, handling many different aspects of construction.
Most hard money lenders want borrowers who have flipped several projects over the years rather than a borrower who would be doing their very first project in their own name. For borrowers with extensive track records in construction, like our client, this can be frustrating.
However, FCTD worked with the borrower to “build up his resume” by showcasing the projects that he had worked on over the past three years. The list was extensive and it gave our lender confidence to fund an 80% LTV hard money bridge loan to acquire a major fixer upper in Auburn, Washington.