Real estate investors in Garden Grove used a 24-month hard money cash out refinance loan from Peer-To-Peer Trust Deeds of Walnut Creek, California to pay off existing bridge loan coming due and get some extra cash for a few projects on the exterior.
For the trust deed investor, the low Loan-To-Value (LTV) loan on this investment property was pretty straight forward. The borrowers would probably be able to refinance out of it into a conventional loan after filing another year’s worth of income taxes. (Conventional lenders require two years of self-employment before they’ll issue a new loan.) In all likelihood, this loan would be on the books for about 10 months before being paid off in the conventional refinance.
Hard Money Cash Out Refinance Terms:
- $175,000 Loan Amount
- 9.50% Interest-Only
- 24-Month Term
- 6-Month Prepayment Period