First Capital Trust Deeds secured a private money bridge loan in Cypress, California that helped buyers acquire an investment property with the intent to carry the loan for just five months until they could refinance into a conventional loan.
Although they were highly qualified buyers, they were held up by the fact that they didn’t show enough adjusted gross income (AGI) to qualify for a conventional loan. We see this several times a month when working with self-employed borrowers.
The bridge financing provided a full year to fix the financing glitch and refinance into a long-term conventional mortgage.
Private Money Financing Terms:
- $435,000 Loan Amount (50% LTV)
- 12-Month Term
- No Prepayment Penalty