First Capital Trust Deeds secured a Southern California private money commercial bridge loan for the buyers of this coastal city investment property. The $1,400,000 was used to quickly acquire the property before it would be refinanced into long-term commercial bank financing a few months in the future.
As mortgage brokers specializing in private money lending, we see this type of loan scenario quite frequently. Usually, institutional commercial bankers contact us about closing quickly on a property that one of their borrowers needs to secure after a hiccup during the underwriting process. Sometimes the property needs repairs that cannot be completed before closing or other times the borrower needs to finalize a few items to satisfy the bank but cannot meet the deadline before the scheduled close of escrow. Closing quickly is something that we are able to facilitate with a long list of the private money funds and individual trust deed investors who are always looking to place money.
In this case, a Los Angeles based trust deed investor provided the financing to close within four days. No appraisal was required, just a 5-minute walk through with the borrower, which is standard operating procedure with this lender.
Bridge Loan Terms:
- $1,400,000 Loan Amount
- 12-Month Term
- No Prepayment Penalty