First Capital Trust Deeds secured a 12-month private money bridge loan in Portland for an investor who wanted financing to buy the house plus to cover renovation costs.
Our client used the bridge loan with rehab funds to acquire the property at a discount. The home had about $20,000 of deferred maintenance and updating that was needed to bring the property up to spec to qualify for long-term 30-year conventional financing, which was the exit strategy to our bridge loan.
12-Month Bridge Loan Terms:
- $189,000 Loan Amount (included $20,000 Rehab Funds)
- 12-Month Term
- No Prepayment Penalty