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Does FCTD Offer Hard Money Second Mortgages for Divorce Settlements?

Does FCTD Offer Hard Money Second Mortgages for Divorce Settlements?

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: 

  • Banks 
  • Credit unions
  • First mortgage refinance
  • Repayment plan as part of the divorce settlement
  • Property sale 
  • Loan from a family member

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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