Real estate investor quickly and easily obtains a private money second trust deed on this beautiful Burbank investment property from Peer-To-Peer Trust Deeds.
One of the things I don’t talk about enough (or at all) in these pages is how easy obtaining private money financing can be for some of our clients. So here goes.
This second trust deed in Burbank went smooth, easy, and very quickly for our real estate investor borrower in Burbank. Granted, the borrower came to P2PTD with a no-brainer scenario to make a loan as the home was immaculate, in a great location, and had a low balance and low interest rate on the existing first mortgage.
The home was a long-term rental with about $800,000+ in protective equity and the owners only needed a $240,000 second mortgage, which left $450,000+ in protective equity for the trust deed investor, who usually only does first trust deeds, to feel comfortable making the exception of doing a private money loan in second position.
Back to the easy theme.
Six easy to provide items needed from the borrowers:
- Loan Application
- Credit Report
- Title / Escrow
- Most recent mortgage statement for the 1st trust deed
- Homeowners Insurance contact info
- Site Inspection (5 minute walk through by the trust deed investor) / No Appraisal necessary
Get us these items plus your $450,000+ in protective equity and we’ll get you loan docs the same day! It’s really that simple. That’s the beauty of private money lending in comparison to bank lending in the current lending environment. Private money loans can close in less than a week while the typical bank issuing this same $240,000 second mortgage would most likely take 45-60 days, giving the borrower a list of 40 items to provide for documentation purposes.
Second Trust Deed Financing Terms:
- $240,000 Loan Amount
- 11.00% Interest-Only
- 12-Month Term
- No Prepayment Penalty
- 5-Day Closing