We provided a hard money loan to help a client create a new business opportunity with a beautiful rental property in San Joaquin County.
The challenge
Our client saw a remarkable opportunity to own an investment property but needed funding to make it happen.
The single family home in Tracy, California, is a large 2,023 square foot, three bedroom, two bathroom rancher style house on four acres of property.
Although it was built in 1939, the previous owners made many updates to ensure the home had modern appliances and features. The home boasts a large swimming pool, a two car garage with attached office space, a large workshop and a privately owned water well. It also has an RV parking space with hookups already installed and a horse pasture.
The borrower came to Equidy to obtain a loan to use this home as a rental property with an estimated rental income of $3,000 per month.
We provided a $637,500 loan to enable the client to purchase the property for $830,000 with 23% down.
The result
The borrower was able to purchase the home as a rental property and completely pay off the Equidy loan in just less than one year. The property has since increased in value by approximately $400,000 which also allows for increased rental income for our client.
This loan was not only a short term benefit but was able to set up the client to bring in profit and an ongoing stream of income for years to come.
How can we help you?
Download our free ebook, The Flippers Guide to Funding Your Property Empire, to learn about funding strategies for your property dreams.
You can also book a free, no obligation strategy call with one of our experts to talk about the finance options available for your project.
