Featured LoanPrivate Money Fix & Flip Loan - Closed Within 48-Hours
Loan Amount: $193,500
Loan-To-Value: 90% LTV
Situation & Challenge
The Realtor called two days before the scheduled close of escrow on this San Diego short sale, saying that the previous mortgage broker had been promising loan docs for nearly three weeks but had yet to deliver docs to escrow.
Our buyer had limited experience but the agent had taken on successfully taken on several fixer upper projects, and would be mentoring the buyer through the process, which strengthened the overall loan request.
Solution & Result
First Capital Trust Deeds secured a quick loan commitment from a Los Angeles-based family office to do the loan, sending loan docs to escrow for signing the same day. The next morning, the lender met the agent at the San Diego property for a quick site inspection before wiring to escrow for funding and recording.
The short sale closed on-time and FCTD began a working relationship with the Realtor on several other acquisitions for their clients.