Specialty financing, otherwise known as hard money or bridge financing, looks and feels the same to a seller as offering cash seller on their home.
Approaching a sale like a cash buyer, can give our clients a distinct advantage when making an offer, especially in a multiple offer situation where other buyers are using conventional financing that can take as long as 30-45 days to close and is dependent on strict underwriting conditions and uncertain appraisals.
Specialty financing, on the other hand, can close in as little as 5 days and is NOT dependent on an appraisal which makes it a much more desirable choice as a seller when choosing which offer to accept. Further it’s common to come across a property that’s been deemed non-financeable.
Historically, paying all cash would be required, but specialty financing gives our clients the opportunity to put up a smaller down payment and finance a majority of the cost for an investment property. Construction financing is also available which helps clients not only finance a majority of the purchase loan, but also finance up to 80% of the renovation costs as well. This provides the largest return on investment with the least amount of cash out of pocket.
Caliber Real Estate inherently trusts Rain City Capital to service all of our clients’ specialty financing needs in Washington State.
While their primary focus is lending towards acquisition and rehabilitation of single family residential properties, they regularly provide loans for multi-family projects, small commercial transactions, as well as and other types of properties and opportunities evaluated on a case by case basis.
Their financing channels include foreclosure auctions, bank owned properties, wholesale transactions and traditional MLS purchases.