Castro Valley, CA
Commercial Land, Residential Land
Equity Cash Out09/18/2014
$125K hard money equity cash out loan secured by 100+ acres of raw land in Castro Valley, Alameda County. The Borrower owned the property free-and-clear and needed to cash out some funds for development costs. The appraised value of the property was $1.6M so the LTV is just 8%. Nationwide was able to fund this loan 3 weeks after receipt of the application, in September 2014. The interest rate was 9.99% and the loan term was 3 years.