A Los Angeles-based real estate investor acquired a nice starter home using a Wilmington hard money fix and flip financing loan from First Capital Trust Deeds.
Going to 75% Loan-To-Value (LTV) is pretty standard on our hard money fix and flip financing loans in California. As long as the buyer isn’t overpaying for the home, which in the case of this REO purchase in Wilmington, California was being acquired well below as-is value. This experienced house flipper bought the house at the right price to turn a profit, so the lender was okay with doing the 75% LTV purchase money loan.
Wilmington Hard Money Fix and Flip Financing Terms:
- $229,000 Loan Amount
- 11.00% Interest-Only
- $2,099/Month Payment
- 12-Month Term
- No Prepayment Penalty