Featured LoanHard Money Second Mortgage For Industrial Building
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.