$1.6 Million Rate and Term Refinance of a Ranch in a Remote

Posted by in Brian's Blog, Recent Closings

Location: Llano, Ca

Borrower had bought the ranch less than a year ago with private money from someone she knew and put some good money down and then found a strong Hollywood Studio to rent it. But the private money lender was pushing to get paid off or was threatening foreclosure. Lenders were passing on the loan for a bunch of reasons including a remote location (Llano has a population of 1200 people), a property that is mostly land, and a remote borrower living in another state with just marginal credit worthiness. We found a small private money lender who only dealt with loans in southern CA and liked the strong tenant and cash flow on the property. She got a great rate and again, a closing in less than two weeks. We are lining up a USDA loan for her right now to refinance out of this bridge loan in less than four months. The borrower keeps the property, the cash flow and continues to build her wealth. Everyone wins! If you have an odd property…. we can likely get it done and FAST!!