Two hard money loans rolled into one...
Another transaction completed this week:
We arranged a two loans totaling $180,000 for the purchase loan of a single family property in Central Islip, New York and a refinance of another property all by one investor.
No appraisal was required on the purchase, just a short BPO, which resulted in a 60% Loan to value property. To get additional funds at close and effectively raise the LTV on this purchase, the borrower provided an additional property for cross collateral and was able to purchase the investment property with none of his own cash.
Additionally, he received cash-out on the property refinance for other investment purposes.
The money's out there for creative deals and they're getting done every day.