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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
07/05/2019
Property Type
Property City
Santa Ynez
Property State
CA
Loan Term (months)
12
Payment Type
Interest Only
Property Value
$1,800,000
Previous Loan Balance
$431,000
Loan-to-Value
30%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Owner-Occupied
Borrower's Plan
Continue Occupancy
Exit Strategy
Refinance
Deal Summary
The Brookline Group, a direct private money lender, provided a $77,000 4th trust deed equity cash-out loan secured by an owner-occupied single-family home in Santa Ynez, Santa Barbara County, CA. The Borrower had an immediate need for the cash to pay off a debt related to his business. The 1st mortgage is a $190,000 institutional loan. We have a 2nd mortgage on the property with a balance of $166,000, and the 3rd mortgage is a $75,000 line of credit. We already had a relationship with the Borrower and are very familiar with the subject property. We didn’t need to do a formal appraisal. A conservative valuation was $1,800,000 so the total of all 4 mortgages was less than 30% combined loan-to-value. This loan was funded in just 4 days. The Borrower called on a Monday night and received the funds on Friday. The loan term was set at 12 months and the Borrower plans to pay off with earning from his business. This private mortgage was funded in July 2019.
Funded By
The Brookline Group
Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans