While the real estate market continues to push forward we are finding more and more money coming into our private money programs. One of our large portfolio partners has just rolled out a new California private money bridge loan program that can take a property to 85% loan to value, funding deals anywhere between $1mm - $10mm.
The terms of this program are fairly attractive, with loans being offered for 1-5 years on an interest only basis, usually staying in the single digits (or very close at the higher loan to value). We can work with most property types, but no consumer purpose loans on this program. So office buildings, multi-family or apartment buildings, retail, hotels, motels, single family residences (only investment property), warehouses, industrial buildings and even restaurants will fit this program.
This is a great program for the acquisition of under performing property - not only can we go to 85% of the as is value, but also to 65% of the future or as stabilized value. This means we can help provide aggressive funding for the acquisition of a distressed property on a program that will give you enough time to acquire and stabilize the property (and/or rehab the property should it be required) to the point where bank financing becomes an option.
The long fixed rate period also avoids floating rates that could increase before our clients are able to obtain permanent financing. As an added benefit, a portion of the loan fees are deferred until payoff, helping to keep upfront costs in check.
For more information give us a call today at 877 462 3422. Usually we can give you an indication of whether or not we can assist with your transaction after a brief 10 minute phone call. If you prefer, you can also visit our website to learn more about our California private money loan programs.
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