Los Angeles, California, CA
Single Family Residence
Hard money bridge loan secured by a 2nd trust deed on a single family home in West L.A., close to Santa Monica. The Borrower recently inherited the property and needed the funds to expand her jewelry business. The appraised value is $975,000 and with an existing 1st mortgage balance of $245K, the combined LTV for this 2nd bridge loan is just 43%. The Borrower plans to sell the property or refinance with a conventional mortgage which will pay off the loan within 3 years. The interest rate is 9.99% (interest only).