Commercial Loans and Fun 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