Palos Verdes Estates, CA
Single Family Residence
Stonecrest Financial funded a $500K private money 2nd mortgage secured by a single family residence in Palos Verdes Estates, situated in the South Bay of Los Angeles County, California. This borrower was in need of some funds to purchase a new franchise business. In order to meet their short term capital needs, we were able to provide them with a line of credit in 2nd position against their primary residence. Private money loans are typically secured by investment properties, but we can do it if the loan proceeds are used for a business purpose, not for personal/consumer purposes. The home had plenty of equity; the combination of the 1st mortgage and our 2nd mortgage is less than 53% loan-to-value. The property is a 4,513 sq ft single-family home that sits on an 11,117 sq ft lot. It was built in 1973, has 6 bedrooms and 4.5 bathrooms with 3 stories. This private money loan was funded in December 2018.