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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This recent Brentwood hard money loan was funded to allow our client to expand his business. Our client had the opportunity to acquire two new locations in high traffic areas and needed capital quickly in order to take advantage of the offer. While there was equity available in a piece of real estate owned, there was an existing loan on the property written at very advantageous terms. Our client, understandably, did not want to take out that loan.
We were able to put together a solution that left the existing loan in place, securing the funds required by writing a second position hard money loan subordinate to the financing at better terms. This allowed our client to not only take advantage of his business opportunity, but to also keep the single digit rate of the existing first loan.
This was possible due to the existing equity in the property, as well as the location. As California hard money lenders we are typically able to help with hard money funding almost anywhere in the state. This transaction, however, was located very near to our offices in and area we are very familiar with. Due to the mix of location and excellent collateral we closed this loan very quickly and our client was able to acquire two high quality locations for his business.
We are able to help provide alternative financing secured by real estate for properties located within California. When bank financing is not an option, hard money lenders may be able to provide the funding you need to expand your business in a quick and uncomplicated manner. You can call us directly at 877 462 3422 to discuss a specific scenario, or you can visit our main site to read more about our California hard money lending programs.