8% Interest Only
No prepay after 12 months
Santa Cruz, CA
Business Loan Funded by Equity in Rental Property Equity
Saratoga Capital, Inc. made this business purpose loan to a Real Estate Investor. The business loan was secured by the equity in this rental property. The investor was looking for a 3 year business loan.
The purpose of the loan was to acquire an insurance company’s book of business. In addition, this real estate investor was using part of the loan funds to develop another real estate property.
Why the Investor chose Saratoga Capital, Inc.
This Investor had been in the process of getting another loan from a direct lender in Southern California. After weeks of going through the application process and the loan ready to fund, the Investor was told that the lender was unable to fund the loan because the $500,000 was not available. The hard money lender was not able to assemble the investors to fund the loan. This left the borrower in a difficult position. He now needed to fund FAST having wasted precious time. He picked up the phone and did what we all do … Googled! Up popped Saratoga Capital, Inc.
Saratoga Capital, Inc. received the call on Thursday at 2pm. Did a physical inspection of the property the following morning. Collected the necessary information on the property and funded the $500,000 just 4 business days later!
This is a perfect example of the benefits of a private money loan. A single decision maker who knows California real estate and has the funds available to loan immediately.
California Real Estate loans only.
We work only with Real Estate Professionals or California mortgage brokers when making our private equity loans. Business Loans.
Our rates are among the most competitive.
We are a Santa Cruz Lender.
Our goal is to have continued relationships with real estate professionals and mortgage brokers in select California markets. Even after making private money loans in California for over 40 years, we are still in it for the long-haul.