Mountain Center, Riverside County, CA
Single Family Residence
$75K hard money bridge loan secured by a 2nd trust deed on a residential property in Pacoima, San Fernando Valley, north of Los Angeles. The property has a single family home on a huge lot. The Borrower needed the funds to pay for the subdivision of the lot, for a construction build-out of 7 new homes. After obtaining the city approval on the tentative tract and construction proforma, Nationwide Mortgage was able to fund this loan within 3 weeks. The estimated value is $500K. With the existing 1st mortgage balance at $260K, the combined LTV for this bridge loan is around 68%. The interest rate is 15% for a 12-month term, plus 10 points in fees.