Done Deal. Hard Money Loan Warren RI.
I am proud to shine the spotlight on this recently closed loan in Warren RI.
The Need: This particular client contacted me to get a real estate loan quick quick quick. They had found a real nice investment opportunity in Rehoboth Ma. At the time of the loan request they had a signed purchase and sales agreement on a foreclosed property. Time was of the essence and if they couldn't close fast they would lose their $5,000 earnest money deposit.
The Hard Money Solution: This client owned other investment property. The lender looked at two of the investment properties. A full appraisal was done on one and the second was simply a drive by viewing. The client qualified for up to 50% cash out and they took advantage of this offer and the opportunity.
Underwriting Issues: This particular lender didn't lend to private individuals. The clients created an LLC to put the property and loan under and we were able to close and fund fast enough for the client to close on the new investment purchase.
Exit Strategy: Since all the properties will be kept for rental cash flow, this client will refinance the hard money loan within 12 months and replace it with traditional financing.
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