Case Study 1: Save, Remodel, Sell
Summary: A borrower with a trophy property in Noe Valley, San Francisco, faced foreclosure due to economic hardships from COVID-19. Saxy Mortgage, a leading hard money lender, provided a second hard money loan of $1.6 million. This loan helped reinstate the original mortgage, complete a remodel, and establish a 12-month interest reserve. By using hard money financing, the borrower avoided foreclosure and successfully sold the property.
Case Study 2: Developer Special
Summary: An experienced Bay Area developer needed to refinance a private money loan quickly to finish a high-end home project. Saxy Mortgage refinanced the existing loan with a new first mortgage for $2.2 million in just three weeks. The funding was used to pay off the existing loan, finance construction, and set up a 12-month interest reserve. This case highlights the effectiveness of hard money loans for real estate and quick hard money financing.
Case Study 3: Bridge Financing
Summary: A borrower needed immediate funds to purchase a new property in the South Bay but couldn't wait to sell his free and clear San Francisco property. Saxy Mortgage provided a bridge loan of $1.5 million, leveraging the equity from his existing property within two weeks. This private money loan enabled the borrower to secure the new property and later repay the loan after selling his original home.
Case Study 4: 1031 Exchange
Summary: After selling a commercial property, the borrower needed fast financing to complete a 1031 exchange for a new apartment building. Conventional mortgage options were too slow, so Saxy Mortgage offered a hard money loan of $1.2 million, closing the deal in just 10 days. This case demonstrates how hard money loans for real estate can facilitate urgent transactions and meet tight deadlines.
Case Study 5: Save Low Interest Rate First Mortgage, Cash Out Equity with a Second
Summary: To renovate several properties while maintaining a low-interest 30-year fixed-rate first mortgage, the borrower turned to Saxy Mortgage. A second hard money loan of $850,000 was provided, allowing the borrower to utilize property equity for renovations without altering the favorable terms of the existing mortgage. This case illustrates the benefits of hard money loans in preserving advantageous mortgage terms while securing necessary funds.
