Santa Ynez, CA

$77,000

Single Family Residence

Equity Cash Out

07/05/2019
Transaction by
The Brookline Group
The Brookline Group funded a 4th trust deed private mortgage in the amount of $77,000 secured by an owner-occupied 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 is 1 year, and the Borrower plans to pay off with earning from his business. This private mortgage was funded in July 2019.