Monterey County real estate investors acquired this home using 66% LTV private money bridge loan from Peer-To-Peer Trust Deeds.
Challenge: The only challenge to this loan was if the sellers were going to sell the house to the buyers. At first the sale was on, then it was off. A few weeks later, the sale was back on and everyone agreed to close in five days.
Solution: The buyers had several rental properties and had flipped a few properties before so they were a solid credit risk. Plus, they were bringing in 34% down payment and would be refinancing the loan after filing 2014 income taxes.
The borrowers used the private money bridge loan until they could refinance into a 30-year fixed conventional loan in early 2015. The trust deed investor made a safe loan to well-established borrower who had a very clear and realistic exit strategy. These are the types of loans we like being a part of for both sets of our clients – the borrowers and the trust deed investor.
66% LTV Private Money Bridge Loan Terms:
- $200,000 Loan Amount (66% LTV)
- 12-Month Term
- No Prepayment Penalty