Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/09/2018
Property Type
Retail
Property City
Pasadena
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Deal Summary
Private Mortgage Fund, a direct California private lender, funded an $810,000 1st lien position bridge loan for the acquisition of a retail storefront in Pasadena, California. PMF was able to fund 60% loan-to-value on the purchase price with no appraisal, no credit, and no prepay penalty. As an equity lender, PMF did not require the owner to be a US resident. This purchase bridge loan was funded in June 2018.