Commercial Loans Blog

Foreclosure Loans, REO Loans, and Lines of Credit to Buy REO's

Posted by George Blackburne on Sun, Feb 20, 2011

If you are trying to buy a foreclosed property in California or a portfolio of REO properties in California, Blackburne & Sons is very interested in financing your purchase.Foreclosed house

If you are buying a single foreclosed property or an REO in California, you may  qualify for a bridge loan of up to 60% of the actual purchase price.  The rate is typically 8.9%, and the loan fee is 3.5 points, for a one-year fix-and-flip loan.  The maximum loan is $10 million, and these bridge loans have no prepayment penalty.  We're sorry, but this program is ONLY available in California. 

For more details on our California fix-and-flip loans, please email me, George Blackburne III, the founder and president, at george@blackburne.com.  In the subject line of the email, please insert REO Loan Request, and please be sure to include your phone number and a brief description of your deal.

If you are buying a portfolio of foreclosed properties or REO's, our California line-of-credit program is very useful.  You can use it to buy several REO's at a time, and as the properties sell off, you can re-use the line-of-credit to purchase more.  The pricing is typically the same. 

We're sorry, but this line-of-credit program is only available in California.  Please take careful note - ONLY IN CALIFORNIA.  We don't even know of another lender offering a similar line-of-credit program outside of California, so there is no point in applying.

For more details on our line-of-credit program for the purchase of California REO's, please email me, George Blackburne III, the founder and president, at george@blackburne.com.  In the subject line of the email, please insert Line of Credit To Purchase REO's.  Please be sure to include your phone number and a brief description of your deal.

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Topics: REO Loans and Lines-Of-Credit