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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This transaction was an Imperial County hard money loan that we helped obtain funding for. The property was owned by our client with an equity partner. They were acquiring additional property and were in need of financing to pull cash out of this property in order to close on a new purchase.
We were able to put together a hard money loan that partially cashed out the equity partner, allowed the remaining funds to remain secured against the property with a subordination to our new hard money loan and provide the capital needed to the purchase escrow to facilitate the closing.
The subject property was located in Imperial County and was a single family residence. A 3 bedroom and 2 bathroom property with 1309 square feet of living space, this home was the perfect match for the investor who funded this loan. We were able to secure funding very quickly and structured the transaction so that the equity partners cash could be transferred directly from this escrow to the purchase escrow on the property they were acquiring.
We are able to help with hard money loans secured by most property types in most areas of California. Loan to value ratios on transactions such as this typically range between 60-65%, although sometimes we are able to secure funding for as much as 70% loan to value in the more desirable locations. Serving Northern and Southern California, give us a call to discuss your hard money loan scenario today. If you prefer, you can visit our California hard money loans page to learn more about how we can help with your financing needs.