Hard Money Loan to Finish Construction

Client Owner/borrower, Mr. Watson

Assignment Loan money to borrower to finish construction after all banks had turned him down. Borrower had spent every penny he had purchasing a one-acre lot with a lousy old house in Pupukea and was starting to build his 5,000 square foot dream home.

Challenges

• Property was halfway done
• Borrower was out of money
• Borrower’s credit cards were maxed out
• Current house was in tear down condition
• The house under construction with owner permits was not financeable

Solution Loaned borrower money to pay off his credit cards in order to clean up his debt and make him credit worthy to borrow from bank. Loaned money to finish construction to allow refinancing to come in and pay off hard money and bank financing for original purchase.

Result I helped him finish construction on the new house to get a certificate of occupancy. I also helped him pay off all of his credit card debts so that he was able to go to a bank and get low interest fixed rate financing on his new house and put money in his pocket.