As an owner of a small home, it can be very hard to find low-cost conventional mortgage financing. The owners of these small homes from the turn of the century often go the route of hard money loans for their mortgage. First Capital Trust Deeds secured the hard money financing for a 400 square foot home in San Francisco.
The owner had paid cash for the property a few months earlier and wanted to tap into the equity by pulling $150,000 out to renovate the home, including permitting the unpermitted space to bring to total above 1,250 square feet along with full interior and exterior remodeling.
FCTD worked with an individual trust deed investor in San Francisco, who lived close to the subject property. From application to close of escrow, the loan took less than one week to complete.
Hard Money Financing Terms:
- $150,000 Loan Amount
- 10.00% Interest-Only
- 12-Month Term
- No Prepayment Penalty