This investor had a portfolio of properties that he owned free and clear and was looking to pull cash out to work on other ventures. Capital Fund approved and funded the loan within 3 days and they were able to quickly insert the capital into their next project. The investor’s end goal is to refinance the portfolio into a longer term loan but needed to pull the cash out quickly or they would lose out on his other opportunity. Capital Fund was perfect for this situation because of how quickly we approved and closed the loan as well as not charging any prepayment penalties when the long process with a traditional bank is finalized and they refinance into long term financing.
The terms given on this specific loan are as follows:
Loan Amount: $1,950,000
Term: 12-months
Interest Rate: 12%
Loan Type: Re-Fi
Building Type: SFR/Condo/Office