Creative Private Mortgage Lending in California and Washington

Common sense underwriting:  If a loan makes sense, we will figure out a way to make it. We have been funding private money loans for 3 decades now and have seen most scenarios over the years.  We pride ourselves on our creativity and fairness in loan pricing. We are comfortable funding Business Purpose as well as Consumer Purpose loans.

If we can’t make a particular loan, but we know of a reliable source that can, we will refer you to that source. We are all very responsive over here and know the importance of closing quickly and efficiently for our clients. We look forward to working with you to put your next loan transaction together.

Property Geographic Area Details
Primarily California and Washington. For all other states, we can create an LLC to be the lender.
Loan Amounts
$25,000 to $3,000,000
Interest Rates
7.5% to 10.99%
Loan Terms
6 months to 60 months
Origination Fees
1% to 2%
Lien Position
1st, 2nd, 3rd, 4th
Collateral Types
  • Residential Property
  • Commercial Property
Loan Purpose
  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Invest in a Business
  • Business Working Capital
  • Value Add Project
  • Development Project
  • Primary Residence Purchase
  • Personal Use
Property Occupancy
  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial
  • Owner Occupied Residential

Property Types

  • 2-4 Units Residential
  • Assisted Living Facility
  • Commercial Condominium
  • Commercial Land
  • Condominium
  • Golf Course
  • Industrial
  • Manufactured Home
  • Mixed-Use
  • Mobile Home Park
  • Multifamily
  • Office
  • Portfolio of Commercial Properties
  • Portfolio of Residential Properties
  • Rehabilitation Facility
  • Residential Land
  • Retail
  • Senior Housing
  • Single Family Residence
  • Student Housing

Loan Types

  • Private Money
  • Hard Money
  • Residential Bridge
  • Residential Fix and Flip
  • Residential Rehab and Rent
  • Residential Ground-Up Construction
  • Residential Long-Term Rental
  • Residential Owner-Occupied

Specialty Loan Types

  • 2nd Mortgage Equity Cash Out
  • 3rd Mortgage Equity Cash Out
  • Bankruptcy Resolution
  • Commercial Permanent Financing
  • Condo Conversion
  • Discounted Note Payoff
  • Foreclosure Bailout
  • Note Purchase
  • Partner Buyout
  • Primary Residence Bridge
  • Primary Residence Business Purpose Cash Out
  • Residential Long-Term Rental
  • Residential Non-Prime
  • Reverse 1031 Exchange

Junior Lien Loan Amounts

$25,000 to $3,000,000

Junior Lien Interest Rates

7.99% to 10.99%

Junior Lien Loan-to-Value


Junior Lien Loan-to-Cost


Junior Lien Origination Fees

1% to 2%

We Fund Junior Position Loans


Junior Lien Types

  • Purchase
  • Refinance
  • Equity Cash Out
We make 2nds, 3rds, and sometimes 4ths and can get creative to make loans work. Our junior liens run anywhere from a year to 30 years.


Most of our land loans are against Residential in-fill lots. However, we have made some against entitled acreage for both residential, commercial, and industrial development.

Land Types Considered

  • Residential Land
  • Multifamily Land
  • Industrial Land
  • Office Land

Will Consider Land That is NOT Entitled


Existing Land Improvements Required

  • Street Access
  • Electricity
  • Gas
  • Water

Max LTV for Land


Max LTC for Land Acquisition


Junior Lien Types

  • Purchase
  • Refinance
  • Equity Cash Out
We make 2nds, 3rds, and sometimes 4ths and can get creative to make loans work. Our junior liens run anywhere from a year to 30 years.
We are really looking at the collateral and our equity position in all of it, assuming the borrower has a good plan to deal with the debt and we feel the borrower has the ability to repay.

Max Loan-to-Purchase Price


Borrower Must Have Property Under Contract


Will Provide Proof of Funds Letter


Will Consider Lending on Purchase from Auction


Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Subject Property
  • Equity in Another Investment Property
  • Equity in Primary Residence
  • Seller Financing
  • Gap Lender
  • Family
We are looking for the borrower to have adequate experience, a viable project, a solid exit plan, and ample liquidity to see the project through to completion.

Experience Required


Minimum Number of Value-Add Projects Completed by Borrower


Will Provide Funds for Renovation Costs


Max LTC for Renovation Costs

We have made many loans against residential property pools and loan pools. We have a lot of experience dealing with property and loan pools.

Minimum Loan Amount


Maximum Loan Amount


Minimum Interest Rate


Maximum Interest Rate


Minimum Origination Fee


Maximum Origination Fee


Minimum Loan Term

12 months

Maximum Loan Term

360 months

Maximum Debt-to-Income Ratio


Will Lend on a Portfolio of Rentals


Minimum Number of Properties


Maximum Number of Properties


Minimum Property Value


Maximum Property Value


Documents Fee

$450 for residential, $650 for commercial property

Escrow Fee

Whatever the mutually selected escrow company charges.

Title Fee

Whatever the mutually selected title company charges

Credit Report Fee

We accept brokers credit reports. If the borrower comes direct to us, we will charge a standard tri-merge fee, typically around $25

Appraisal Fee

Whatever the local appraiser charges. We have seen appraisal fees running anywhere from $350 to a lower priced home to well over $1,000 for a multi million dollar home. At lower values, we have allowed BPO's that run for $100 to $150 for our valuations.

Minimum Origination Fee Amount


Fees which are mandatory for all new borrower clients

  • Documents Fee
  • Funding Fee
  • Appraisal Fee
  • Escrow Fee
  • Title Fee
  • Credit Report Fee
  • Renovation or Construction Funds Draw Fee

Fees which are paid to a third party company

  • Appraisal Fee

Details and Requirements

Typical Closing Time (Days)


Fastest Closing Time (Days)


Payment Structure
  • Interest Only
  • Amortized
  • Interest Reserve
  • Payment Rate
  • No Monthly Payments Required
Payment Structure Details

We work to meet the borrowers needs payment-wise

Payment Rate

5.0% to 10.99%

We can do anything from having no payments, with interest accruing to partial payments to interest only payments, to partially amortized payment, to fully amortized payments, whatever the situation calls for and merits. In other words, we can be very creative with the payment structure.
Pre Payment Penalty


Our Business Purpose loans have a 3 months prepayment penalty, meaning after the borrower makes his/her third payment, there is no penalty to prepay our loan. That being said, this is all negotiable. On our Consumer Purpose Loans, there are no prepayment penalties.
Will lend to a foreign national


As long as the loan makes sense and we feel the borrower has a solid plan for repayment
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage


Will Consider Collateralizing Multiple Properties in One Loan


Will Consider Equity Joint Venture


We have invested alongside many of our borrowers investor partners over the years and are always open to make sense opportunities to co-invest.
Borrower Entity Types Considered
  • Individual(s)
  • LLC
  • Limited Partnership
  • Trust
  • Corporation
  • Non-Profit Corporation
  • Self-Directed IRA
Documentation Required
  • Credit Report
  • Loan Application
Personal Guaranty (Recourse) Required
Most of our standard business purpose loans do not require personal guarantees. Some of our commercial loans to entities do though at higher LTV's/CLTV's
Credit Check Required


Minimum Credit Score Required


Credit Check Description

We are really equity based lenders and will make most of our lending decisions off the equity position, property location, and borrowers financial strength. We have made many private money loans to borrowers with poor credit.

Appraisal Required for Residential Property


Appraisal Required for Commercial Property


Broker Price Opinion (BPO) Accepted for Residential Property


Broker Price Opinion (BPO) Accepted for Commercial Property


Additional Details

Our typical fees... Residential: $450 doc fee, $175 admin fee, and $35 wire fee, Commercial: $650 doc fee, $175 admin fee, and $35 wire fee. The borrower also pays for an appraisal or BPO fee, a credit report fee, a negotiable funding fee, and standard, escrow, title, recording, and notary fees. The only up-front fee is the appraisal fee and the borrower or the broker pays that direct to the appraiser before the appraisal inspection.

Residential First Capital Testimonials

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We are a direct private money lender in California and Washington. We have been funding private money loans since the early 1990’s. Our company name has changed from Village Mortgage to Stone American Financial, to Ken Thayer, Trust Deed Servicing, to now, Residential First Capital. Our specialty is lending against residential properties, mainly SFR’s, Condos, and Units, but we have also made many commercial loans as well as land loans. We pride ourselves on responsiveness, creativity in making loans work for all, and execution. Our loan pricing is very fair and competitive also. We look forward to answering all inquiries that come in expeditiously and professionally.


CA DRE Lic. 01193114

Company Size (Number of Employees)


Year Established



  • Califonia Mortage Association

Office Locations

20151 SW Birch Street, Suite 200, Newport Beach, California 92660

Washington State Office
Haley Thayer, Seattle, Washington

Primary Capital Source
  • Own Funds
  • Individual Investors
Alternative Capital Sources
  • Bank Credit Line
  • Friends & Family
Loan Structure for Majority of Loans
  • Multiple Investor Fractionalized Note
Percentage of Loans Secured by Commercial Property


Percentage of Loans Secured by Residential Property


Total Number of Loans Funded to Date


Total Loan Volume Funded to Date


Our Team

Ken Thayer


CA DRE Broker License - 00714065

Get In Touch

Residential First Capital pays us to be listed, so there is no fee to connect. Share your loan request, send a simple email, call, or visit their website.

Stay Informed About Private Lending

Receive our monthly newsletters with valuable insights and industry updates

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