The borrowers are experienced real estate investors who own multiple other properties. They have good credit (650 & 693 mid FICO scores) and a strong …monthly income. Their credit was hurt with a foreclosure, but they have brought all accounts current.
The property is located in downtown Livermore. The site is over 1 acre with 2 existing homes. The first is 2,620 sq. ft. with 5 bedrooms and 3 bathrooms. The second home is a 785 sq. ft. cottage with 2 bedrooms and 1 bathroom.
The borrower will use the funds to purchase this property for a fix and flip. They are coming in with 31% down plus closing costs( approx. $260,000).
Due to credit issues and the need for speed, conventional financing was not available.
Pacific Private Money sourced private money and was able to fund this Purchase.
Pacific Private Money offers alternative financing! If the deal makes sense, WE can close it!