A real estate investor with a free and clear investment property used a 12-month hard money cash out bridge loan in Riverside to quickly reinvest in another discounted property coming on the market.
Some loans are pretty simple like this hard money cash out bridge loan in Riverside where the owner/investor had paid cash a year before and needed money to strike on another fixer upper to do a 90-120 day flip. These are nice loans for borrowers because they can get the cash within a week. They’re also nice loans for trust deed investors who can quickly deploy idle funds at a relatively low loan-to-value (LTV) of 60%, knowing that they’ll be paid off within 90-120 days. This trust deed investor from Los Angeles also financed the borrower’s other fixer upper acquisition, issuing a $215,000 hard money fix and flip financing loan. So really, one small $160,000 bridge loan turned into a bridge loan and fix and flip loan for a combined loan amount of $375,000.
Hard Money Cash Out Bridge Loan In Riverside Terms:
- $160,000 Loan Amount
- 11.00% Interest-Only
- 12-Month Term
- No Prepayment Penalty