Long Beach, CA
2-4 Units Residential, Single Family Residence
$150,000 Private money bridge loan secured by a second trust deed on a single family home in Long Beach. Although the property is owner-occupied, this is a business purpose loan. While the Borrower was waiting for his account receivables to be received, he was in dire need of funds to pay off his vendors and suppliers in order to be able to place new purchase orders for the next upcoming "fashion" season. The home appraised for $940,000 and had an existing 1st mortgage balance of $539,400. The combined LTV with this new 2nd trust deed mortgage is 73.34%. Noelle's team was able to fund the loan in less than 10 business days. This private mortgage was funded in February 2015.