First Capital Trust Deeds secured a southern California private money loan for the buyer of a second home in the Palm Springs area.
The buyer had submitted a 14-day cash offer in order to win the bidding on the property. What often happens when buyers submit cash offers is that they will come back with a private money loan that will finance a portion of the purchase. Most of the time, sellers don’t have a problem with a cash offer turned private money financed sale since most private money lenders can close much faster than conventional bank lenders.
Southern California Private Money Loan Terms:
- $200,000 Loan Amount
- 8.00% Interest-Only
- 36-Month Term
- 6-Month Prepayment Penalty