Recently we funded a $700,000 cross-collateral loan for one of our clients.

Our client owned his primary residence outright and wanted to pick up another property to fix up and rent out on Airbnb.

Our client had enough equity in his primary residence that we were able to fund 100% of the acquisition of his Airbnb, including the rehab and closing expenses. Our client not onIly got into this deal for 0 out of pocket, but actually walked away from the closing table with about $138,000!

How many lenders do you know doing that!

To make this deal even better – this one was referred to us by another client of ours. So for one caII to me to qualify the deal our referral partner was able to make $7,000 and ensure the deal funded for his buddy.

DeaI Details:

Acquisition:
2nd Ave N, St. Petersburg, FL 33710
Total Ioan: $700,000
Collateral value: $520,000
Term: 12 Months

Cross-Collateral:
Pruitt Dr, Madeira Beach, FL 33710
Collateral value: $920,000

Combined Collateral
Combined collateral value: $1,440,000
Combined collateral LTV: 47.3 %
Total Ioan: $700,000

Client out of pocket expenses: $0