Owner Occupied Bridge/Temporary Loan
San Juan Capistrano, California
A Realtor called me regarding a home loan that her client was having difficulty getting approved. The buyer wanted to purchase a new home in Orange County and needed a jumbo loan of $875K. Partially using equity from his existing house, he was coming in with 50% of the purchase price, made good income and had good credit. The property was under construction and, therefore, did not qualify for other loan programs.
This is where I came in with our Hard Money lending. This type of loan is not a disqualification or a turn-off for any of our private investors. The home buyer intended to complete the construction and would refinance once it qualified for traditional financing.
With such a positive loan to value and the Borrower’s other great qualifications, I had this loan approved and funded in no time. Both the Realtor and buyer were extremely happy when this transaction closed in under 3 weeks!
If you or someone you know is having difficulty with loan approval for a purchase or even a refinance, call me at 707-523-2099. I would be more than happy to let you know how we can help with a Hard Money loan.
Best, Ken – Another Guy in the White Hat