The Borrower requested an acquisition and rehab loan from Mortgage Equities Inc. for a 2 bedroom 2 bathroom home in Tukwila, WA. The 1,120 square foot home included a detached 2 car garage, and a large work shop on .4 acres of land.
After some discussion, the borrower decided on pledging an additional completed rental property in Everett, WA. The borrower was able to allocate his cash for rehab, and Mortgage Equities Inc. was able to provide a simple bridge loan rather than a construction loan. A bridge loan without constructions draws, simplified the process and allowed the Borrower to quickly complete the work on the property.
Once completed, the home was rented and is now producing a significant posited cash flow.