Objective
A borrower needed to quickly purchase a new apartment building as part of a 1031 exchange after selling his commercial property.
Challenge
The borrower identified and made an offer on a new apartment building but faced delays in securing a conventional mortgage. To satisfy the 1031 exchange requirements, he needed to close the deal as soon as possible.
Solution
Saxe Mortgage, a renowned hard money lender, provided a hard money loan of $1.2 million, enabling the borrower to secure the necessary funds and close the purchase within 10 days.
Outcome
- Fast Financing: The borrower received a hard money loan of $1.2 million in just 10 days, allowing him to meet the urgent closing requirements of the 1031 exchange.
- Successful 1031 Exchange: The quick and efficient funding ensured that the borrower could complete the 1031 exchange without any delays, securing the new apartment building.
- Avoided Conventional Mortgage Delays: By choosing hard money financing, the borrower bypassed the lengthy process and requirements of traditional bank loans.
Conclusion
This case study highlights the effectiveness of hard money loans for real estate provided by Saxe Mortgage in time-sensitive situations like a 1031 exchange. The borrower’s ability to quickly secure a private money loan with competitive hard money loan rates showcases the flexibility and reliability of hard money lenders.Saxe Mortgage’s prompt response and efficient hard money financing solution enabled the borrower to successfully complete the purchase, demonstrating the critical role of hard money loans in real estate transactions where speed is essential. This case underscores the value of Saxe Mortgage in providing timely and effective financial solutions for real estate investors.