Hard Money Loan of the Month
Two weeks ago a borrower called needing a loan to buy a new Rental Property in Sea Ranch, California as part of a 1031 exchange. Her current Lender was unable to perform with the speed that was needed to satisfy the 1031 exchange and the Seller’s needs.
The purchase price was $1,100,000 and she needed a loan amount of $745,000, making a loan-to-value of 67.7%.
This borrower called at 4:30pm on Thursday. We got right to it and that same night got the loan approved with an interest rate of 8% for 5 years! The property was cross collateralized to another property she owns, giving a lower the loan to value, thus the better rate.
On Friday the loan was funded and Monday morning the loan recorded with the borrower’s keys in hand!
One of our favorite mottos is, “If we say it can be done, we’ll get it done!” And another is, “We fund big loans, we cannot lie!”http://www.sunpacificmortgage.com/deal-of-the-month-we-cannot-lie/
Call our office at 707-523-2099 if you need some creative financing help for your real estate purchase or refinance.
Best, Forest - The Guy in the White Hat