If you are looking to secure real estate financing quickly, a dedicated lender is currently deploying $30 million every month for California investment and business purposes.
These loan programs accommodate both non-owner occupied properties and primary residences. Whether you need to close on an investment property this week or secure a bridge loan to compete with all-cash buyers, here is a breakdown of the available lending options.
Investment Property Loans
For real estate investors, speed and flexibility are essential. These investment property loans are designed to close rapidly with minimal red tape.
- Closing Speed: Loans can close in as little as 2 to 3 days. Loan documents can be prepared as quickly as the same day, and the lender funds on scanned signature copies.
- Verification: There are absolutely no verifications required, operating purely on a stated income and stated asset basis.
- Appraisal: No appraisal is required for these loans.
- Property Types: The lender accepts all residential properties and most commercial properties, though commercial assets require lower loan-to-value (LTV) ratios. Land and ground-up construction projects are not permitted.
- Loan-to-Value (LTV): The maximum LTV is 70% of the purchase price for residential (1-4 unit) rehabs. All other standard loans have a maximum 65% LTV. Over 100% LTV is available if you cross-collateralize with another property. The lender can also connect borrowers with gap lenders for higher leverage when needed.
- Rates and Terms: Determined on a case-by-case basis depending on the LTV and location, and feature interest-only payments. Terms are available for 6, 9, or 12 months. All terms are extendable if the loan is paid as agreed.
- Fees: Flexible options
- Prepayment: There is never a fee or penalty for paying your loan off early.
Primary Residence Bridge Purchases
These bridge loans are an excellent strategy to prevent buyers from losing out to all-cash offers. They allow buyers to leverage their current home to purchase a new primary residence in California.
- Closing Speed: Due to standard disclosure and rescission protocols, these specific loans close in 14 to 15 business days.
- Verification: Similar to the investment loans, no verifications are required.
- Appraisal: No appraisal is required.
- Loan Structure: The loan amount is calculated as 65% LTV of both assets (the existing and future primary residences), minus any existing debt on the current residence. This functions as a single loan on both properties, acting as a 1st position lien on the new purchase property and a junior lien on the existing primary residence.
- Prepayment: There is no prepayment penalty.
Additionally, the lender funds stand-alone primary residence loans at 65% of the purchase price, though some restrictions apply. Please note that all of these lending products are exclusively available for properties located within California
