Mountain Center, CA
Single Family Residence
Hard money loan secured by a 2nd trust deed on a residential property in Riverside County, CA. The subject property is a 4 bedroom, 2 bath home in a quaint "home away from home" area known as Mountain Center, which is just a short 30 minute drive from Palm Desert. The Borrower needed the funds for working capital in his business. The home is his primary residence, worth around $225K with a $139K 1st mortgage balance. The combined LV is 75%. The interest rate is 15% (25% APR) and the term is 1 year. Nationwide was able to Fund this loan in just 1 week. It was closed in July 2014.