Featured LoanHard Money Mid-Construction Takeout Loan
Loan Amount: $2,125,000
Loan-To-Value: 54% After Repair Value (ARV)
The developers of this large San Francisco single family home had an existing private money loan coming to maturity and wanted to finance the remaining construction costs rather than paying out of pocket.
FCTD has financed dozens of properties in San Francisco, where it’s common to see the approval and permit process take 8-10 months before a real estate investor can commence construction. By that time, the existing private money loan is nearing maturity. Some lenders will extend while others will not.
Solution & Result
In this situation, the borrower had deployed capital on this and other projects so they wanted to pay off the current lender and obtain construction completion funds to finish this project. First Capital Trust Deeds secured a loan to pay off the current loan and an additional $475,000 in rehab funding for the developer.