Case StudyHard Money HELOC In California
Loan Amount: $500,000
Loan-To-Value: 50% Combined Loan-to-Value
Term: 24 Months
Situation & Challenge
An investor with a rental property in San Francisco wanted to take out a Home Equity Line of Credit, or HELOC, to have available when real estate investment opportunities arose.
There weren’t many challenges to this loan. All we needed to do was start the application and order the appraisal.
Solution & Result
Why go with a hard money HELOC rather than going to the bank? The borrower had been self-employed for less than two years, so that would have been an obstacle. Going with a hard money HELOC provided credit for accomplishing their real estate goals in the coming two years.
FCTD successfully closed the HELOC for the borrower within two weeks.