No, FCTD does not offer hard money second mortgages to satisfy divorce settlements. These are considered consumer purpose loans, for personal and household use, which isn't something that FCTD specializes in.
Hard money loans are intended for real estate investors to use for short-term business purposes, like acquiring a fixer-upper or vacant building that doesn't qualify for bank or conventional financing. Fixer-uppers don't meet the physical condition required by banks and vacant commercial buildings, because they lack the cash flow required to service the debt on a bank loan.
A better route to financing — instead of a hard money second mortgage — would be through the following sources:
The above solutions are going to lead you down a more appropriate path than a hard money second mortgage to settle a divorce. You'll find these options will be much better suited to meet the specific requirements of your particular situation.
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I had a loan scenario come in through the website in 2022 where a non-military veteran was assuming a Veterans Administration (VA) loan, and needed a...
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The short answer is, “No, we do not offer hard money second mortgages for Chapter 13 bankruptcy buyouts.” The long answer is more detailed, which...
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Ted Spradlin : Sep 2, 2023 1:41:09 PM
If you're seeking a hard money second mortgage to cure the foreclosure action on the owner-occupied first mortgage secured by your primary residence,...
Ted Spradlin