Case StudyNon-Warrantable Condo Purchase
Loan Amount: $682,500
Loan-To-Value: 65% LTV
Situation & Challenge
An investor buying a non-warrantable condo as a rental property needed to close quickly after several conventional lenders turned the loan down due to non-warrantable status.
Every few months First Capital Trust Deeds receives a call from either a realtor, a mortgage broker, or a buyer requesting financing within 10 days to close on a non-warrantable condo.
Solution & Result
First Capital Trust Deeds worked with a San Diego-based investment fund to quickly obtain approval and loan documents on a 12-month bridge loan for the investor acquiring the unit.
The buyer acquired the unit and refinanced into a conventional loan within a year, paying off the private money bridge loan.