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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
We arranged this Oakland hard money lender funding for a borrower looking to buy out a partner. Our client partnered with another individual to purchase, rehab and rent out this property. The property was held for less than a year, but our hard money loans require no seasoning and we were able to provide a loan based on the new appraised value.
By using the new appraised value rather than the original purchase price we were able to help our client buy out his partner’s share on this property and remove him from title. Through this trasnaction we provided a five year term at attractive hard money rates that still allows the property to cash flow with the existing rental income.
We are able to provide creative solutions for many different types of transactions. For investors, finding a loan based on current value rather than a recent purchase price can be an issue. Many conventional lenders require what is known as seasoning on a property. What that means is that a property must be held for a minimum period of time to refinance it based on the new appraised value rather than the purchase price.
We have hard money loan programs that require no seasonsing that are great for investors in California real estate. By taking advantage of our no seasoning requirements many investors we work with are able to recoup much or all of their purchase price on a proprty through a hard money loan in order to reinvest that money into another real estate project.
Give us a call today if you have a real estate transaction in need of financing here in California and have been turned down due to seasoning issues. If you prefer, you can learn more about the programs and loans we are able to offer on our Oakland hard money loans page. You can give us a call at 877 462 3422, or you can email directly with your loan scenario and we will get back in touch to discuss the options we can provide. If you have been looking for an Oakland hard money lender but have not yet found the right match, we are here to help.