San Pedro, CA
Equity Cash Out01/16/2015
$200K Private money bridge loan secured by a 5-unit multifamily property in San Pedro, close to the Port of Los Angeles. The Borrower owned the property free-and-clear and needed to cash out some equity to use for his business. The appraised value was $562K so the loan-to-value was only 36%. The property is fully occupied and debt services itself with the rental income. The interest rate for this 1st trust deed bridge loan was 9% (interest only) and the term is 5 years. It was funded in January 2015.