Hard Money Loan for SFR Purchase in East Sacramento, California

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

06/21/2021

Property Type

Single Family Residence

Property City

Sacramento

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Purchase Price

80%

Borrower's Contribution to Purchase

20%

Source of Borrower's Contribution

Cash

Deal Highlights

NO rehab holdback. NO Appraisal.

Not only did we meet her 10-day closing window, but we were able to beat it.

Our no-appraisal options do not come with an increased note rate, just a shorter closing window.

12-month term coupled with no pre-payment penalty.

Deal Summary

In June 2021, S&L Capital Group funded a $388,000 hard money loan for a purchase of a single-family residence in East Sacramento, CA.

This deal was sourced by our Borrower through a wholesaler. Our Borrower was new to S&L and needed to close in sub 10 days. With appraisal backlogs quite common in the industry, we were able to put this 80% Loan-to-Purchase Price loan, no rehab holdback, together in less than 10 days, with NO Appraisal.

Being able to hit her closing timeline was important since this wholesaler sources a healthy amount of value add properties in the Greater Sacramento area. Not only did we meet her 10-day closing window, but we were able to beat it.

Our no-appraisal options do not come with an increased note rate, just a shorter closing window.

Our Borrower intends to perform a cosmetic rehab to this East Sacramento, CA property and flip it within 6 months. Though she was confident in the 6-month turn time, we put together a 12-month term coupled with no pre-payment penalty. This hard money loan was funded in June 2021.