© copyright 2024, All California Lending. All right reserved
Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
© copyright 2024, All California Lending. All right reserved
Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This property is an entry level residential home in the Stockton area. It was purchased for below market value with rehab work needed to give it some curb appeal and modernize the interior. Our client on this transaction has a history of successful rehab projects, and typically has the rehab completed and property back on the market in a matter of a couple of months. We were able to put together a Stockton hard money rehab loan to help our client secure and rehab the property.
Most of the work done on this property was cosmetic – the exterior was painted to give it more curb appeal. In addition, the kitchen and flooring was redone to give it a more modern look. The hard money loan for this transaction included interest reserves to make payments while the work was being done as well as a fund control account to fund the rehab work needed.
These rehab loans are short term. This specific Stockton hard money rehab loan term was for 12 months, with no prepayment penalty. We expect this loan to be paid off well before the twelve month mark, and the client will be refunded any unused interest reserves that remain should the property be sold before they are used. In addition, no appraisal was required on this transaction, instead the investors went to the property for a site visit to view the subject property and comps to support the after repair value.
This transaction is one of many we have successfully structured funding on for our client, and as his real estate investing experience grows we look forward to continuing to fund his rehab transactions. Visit our rehab lending page for more information on how we can help fund your fix and flip transactions. If you have a specific rehab loan scenario to discuss, call us directly at 877 462 3422. We can work with many different situations, including seller carrybacks, gap funding, JV and other out of the box scenarios.
Chris Goulart specializes in creative private money solutions secured by real estate throughout California. The private hard money loans he works with are typically funded by individuals and groups outside the more traditional banking industry. He has specialized in private hard money loans for over a decade and is fully licensed both at the state level, through the DRE, as well as the national level, through the NMLS.
