First Capital Trust Deeds secured a 12-month hard money bridge loan in Lafayette, California on a mid-century tear down. The home, on just over one acre of land, was one of the originals in the neighborhood. This neighborhood itself was undergoing a transformation from 1,500 square foot ranchers to 4,000+ square foot estates.
Since the bottom of the real estate market in 2008-2009, FCTD has seen real estate investors and home builders snapping up older homes in highly desirable neighborhoods like this one to build luxury custom or spec homes. Such was the case with this project. Our borrower would be tearing down the old home in order to build a beautiful modern and energy efficient home. One that would most likely resell in the $2,000,000 to $2,500,000 range, which was comparable to other homes in the area.
Hard Money Bridge Loan In Lafayette California Loan Terms:
- $325,000 Loan Amount
- 9.99% Interest-Only
- 12-Month Term
- No Prepayment Penalty