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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
Our investors love the Lake Tahoe area. We can help with hard money loans from Lake Tahoe (both North and South Shore), Truckee, Grass Valley and all the way down to Sacramento and beyond. Lake Tahoe is a unique area, and it is important to work with people who are familiar with the area and the market, especially if you are looking for funding on a unique transaction, which this one was!
This property was purchased at a tax title sale. It was owned free and clear and our clients were looking for funds to rehab the property so they could rent it out. It needed a lot of work, including a well to be drilled so it would have water. Due to the way in which the property was acquired, we had to put this property through a tax title service to clear title so that it could be insured with title insurance. This process took about 90 days, but was fairly seamless.
We were able to put together a loan that net our clients some cash in hand upfront as well as a fully funded fund control account for all the work needing to be done. In addition we also set up an interest reserve account so that they would have no payments due for the first six months of the loan term.
The term of the loan was twenty-four months, giving our clients enough time to get in, completely renovate the property and then refinance into a better loan once the property was rented out. Not many lenders will lend on a property with no water, much less no water and major work to be done, but our investors love this area and we werw able to secure the funding needed to help our clients complete this project.
If you have a project in the Lake Tahoe area that needs funding, give us a call today and see what we can do for you. You can learn more about our programs as well on our main site, with information about both Lake Tahoe hard money loans and Lake Tahoe hard money rehab loans, or if you prefer you can call us directly at 877 462 3422 to learn more.