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Private Mortgage Fund LLC, a direct California private lender, funded a $6,100,000 1st lien position private money refinance loan secured by a residential investment property in Tiburon, Marin County, CA. The Borrowers had the home on the market for sale, but the note was coming due, and they had less than one week to pay it off. We did an in-house valuation and found the LTV was less than 60%. We got this loan funded in just 3 days, with no appraisal required. Although the home is on the market for sale, we set the loan term at 2 years, and there is no pre-payment penalty. The subject property is over 8,000 square feet, and features 5 bedrooms, a tennis court, infinity pool, a four car garage, guest quarters, and much more. This SFR private mortgage loan was funded in September 2019.

DML Capital, a direct lender for investment property bridge loans, funded a $115,000 2nd lien position equity cash-out loan secured by a single-family residence in Lynwood, Snonomish County, WA. The Borrower owns and operates a charter boating company with her son. She had excellent credit and a stated income of approximately $72,000 per year. The funds were needed to pay off the previous 2nd mortgage on the property which was used to purchase an additional boat for the business. There is still an existing 1st position loan on the property at a lower interest rate. The combined loan-to-value for both mortgage is just 47%. The exit strategy is to refinance into a conventional loan or to increase the amount of the 1st mortgage. The subject property is the Borrower’s primary residence. Although private money lenders don’t lend on owner-occupied homes, this was an exception since the funds were used for a business purpose, and it was not a “consumer” mortgage. This SFR private money loan ws funded in June 2019.

Stonecrest Financial, a direct private mortgage fund based in San Jose, provided a $350,000 2nd mortgage secured by an owner-occupied residential property in Richmond, Contra Costa County, CA. Our Client had owned a successful hardscape business for many years. The supply store that he purchases his materials from went up for sale. Excited to purchase the business, the Client researched many financing options only to run into roadblock after roadblock despite his good income and credit, due to his citizenship status. Stonecrest funded a business purpose 2nd mortgage on his home which provided the funds required to complete the purchase, along with a line of credit for additional working capital. The combined loan-to-value was 58%, and the loan term is 12 months. Although we don’t typically provide private mortgages secured by an owner-occupied home, we were able to make an exception because the funds will be used for business/investment purposes. This private mortgage was funded in October 2019.

SDC Capital, a direct private lender based in Burbank, funded a $2,400,000 1st lien position private money loan for the purchase of a 6-unit multifamily property in Venice, CA. A mortgage broker came to us looking for a quick closing for his client who needed to close very fast. The Buyer was beyond his closing date, and the seller was getting impatient. We immediately inspected the property, completed our due diligence and provided the Borrower with a loan commitment. Given our ability to underwrite the property value ourselves, no appraisal was required. As a result, we were able to close the loan quickly at a loan-to-value of 70%. Our interest rate was 7.49% plus an origination fee of 1 points. This private money loan was funded in October 2019.