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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This transaction was a business purpose loan to help our client expand her business. We were able to help her obtain the funds required by making a hard money second loan on her property located in Fremont California. Time was of the essence in this transaction, and we were able to complete the process start to finish to fund her hard money loan request very quickly.
Our client had a start up business that she grew very quickly. She was looking to expand the products offered and become an exclusive retailer for two highly desirable lines. The funds we were able to secure for her enabled her to hire additional staff, expand her online presence, increase inventory and work to secure exclusive rights to products with great upside.
Her existing first mortgage on the property was at extremely good terms and we did not want her to lose that loan nor those terms. With the equity in the property we were able to structure a hard money second loan, allowing her to keep her attractive terms on the existing loan while accessing the cash required to improve her business. This loan was strictly for business purposes, all cash from the transaction was going towards her already profitable business.
We are able to help with Fremont hard money second loans, as well as hard money second position loans throughout the state of California. We only do these loans for business purpose, no consumer purpose loans. We can use many different types of property as collateral, including residential, commercial, multi-family and other property types. Usually we can go as high as 65% total loan to value on our hard money seconds, although some unique property types we may need to stay at more conservative numbers.
Visit our main California hard money loans page to learn more about the products we are able to offer. We deal with private hard money lending, so even if your scenario does not seem to fit our guidelines give us a call. We are always happy to discuss your situation and scenario, and may be able to offer a creative solution to your financing needs.