Featured Loan

Hard Money Second Mortgage For Industrial Building

Loan Details

Loan Amount:  $600,000

Loan-To-Value:  57% CLTV

Term:  12 Months

Situation & Challenge

The owner needed a $600,000 hard money second mortgage for their industrial building to make renovations to the property.  They had a bank loan on the first mortgage that was attractive.  The first mortgage also had an additional 24 months of interest guarantee, making a first mortgage cash-out refinance cost prohibitive.  Thus, a hard money second mortgage made the most sense because of the ease of closing quickly.

Solution & Result

FCTD placed the 57% Combined Loan-To-Value (CLTV) with a trust deed investor who owned two industrial properties within a half mile of the subject property.  From start to finish, the loan took about two weeks to go close.

Do you have a similar financing scenario?
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