Case StudyMid-Construction Second Mortgage Takeout Financing
Loan Amount: $800,000
Loan-To-Value: 40% Combined Loan-To-Value (CLTV)
Situation & Challenge
A home builder in California, with several ground-up projects in progress, wanted access to an additional $800,000 for this project, which was a few months from completion.
Mid-construction second mortgages aren’t something a person can find doing a Google search. You, or your trusted private money mortgage broker “need to know a guy” who would fund a loan that regular hard money and private money funds wouldn’t touch.
Solution & Result
At FCTD, we know a few of “those guys” who are local trust deed investors that can get comfortable with the situation. An $800,000 mid-construction private money takeout loan funded in less than 10 days.