First Capital Trust Deeds closed a 12-month private money bridge loan in San Diego for an investor closing on the acquisition of this investment property.
Each month, FCTD works with several investors in California, Oregon, and Washington that need financing that can close within 7-10 calendar days. Some of the borrowers have been working with their bank or a conventional lender on financing, but due to the sometimes lengthy underwriting processes, the bank financing may not be able to close before the end of the escrow period. Sellers may not want to extend escrow or backup offers may be in line waiting in the event that our client cannot perform.
There can be all kinds of reasons that borrowers go from conventional financing to private money lending to close on a property.
Since private money lending is our specialty, we’re able to match borrowers with private lenders that can close within 7-10 days.
Private Money Bridge Loan Terms:
- $1,325,000 Loan Amount
- 12-Month Term
- No Prepayment Penalty