This Oakland California hard money loan transaction was funded as a short term fix and flip project. Our client was able to get this property under contract for below market price and had funds available for the rehab herself. We were able to put together a short term loan with no prepayment penalty that also deferred a portion of the fees until the loan maturity. This enabled our client to bring less cash to the closing table and pay those deferred fees with a portion of the profit on the sale.
This property had little curb appeal when purchased. With outdated finishes, worn paint and flooring in need of replacement this home was an ideal candidate for a successful fix and flip. There were no major structural repairs to be done, which ensured a quick turn time on the rehab work (about six weeks). Upon completion the property was listed slightly below market value to ensure a fast sale.
By keeping the work required to a minimum and pricing the home well our client minimized the amount of interest being paid on the hard money loan. Minimizing these costs are an excellent way to increase returns on fix and flip projects, which is vital in the San Francisco Bay Area housing market where profit margins can be slim. The location of this property was beneficial as well, being located near the Oakland/Emeryville border.
We can help with many types of California hard money loans. Whether it is for a short term fix and flip project, a long term buy and hold or a cash out refinance, we have hard money programs available. Learn more about our creative Oakland hard money loans, or call us today to discuss your scenario.