First Capital Trust Deeds of Walnut Creek secured a 12-Month Hard Money Bridge Loan in Lafayette California on a mid-century tear down. The home on just over 1 acre of land, was one of the originals in the neighborhood, which 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 in Lafayette to build luxury custom or spec homes. That’s the case with this one as our borrower would be tearing down the old home to build a beautiful modern and energy efficient home that would most likely resell in the $2,000,000 to $2,500,000 range, which is 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