Location: Ventura, CA Funded: $875,000 Private Loan Type: Bridge Loan
The real estate investor was looking to acquire the subject property before selling an existing out-of-state property
Property was vacant, so there was not rental income to qualify for traditional financing
In this matter, the borrowers were unable to qualify for traditional financing due to these units being vacant. Their DTI was simply too high. They needed short-term capital and we stepped in to provide a bridge loan to complete the transaction. Once the units were leased with proof of rental income, they went back to their bank to refinance into more permanent financing.
Property Type – Multifamily
Lien Position – First Mortgage
Loan-to-Value – 65%
Loan Term – 12 months
More Deals by HCS Equity
HCS Equity is a private money lender based in Carmel, California, specialized in loans for trust & estate property.
Ben2024-02-02T12:28:32+00:00February 2nd, 2024|Comments Off on Beneficiary Buyout Under Proposition 58
HCS Equity provided a loan directly to the trust, allowing one beneficiary to keep the family property and the other to receive money for their share.
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Contact us today for more information regarding any of our loan products. As direct lenders, we make quick approval decisions, and can provide funding in as little as 7-10 days. We are available via phone or email anytime of the day or night.