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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
08/30/2019
Property Type
Property City
Santa Ana
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$3,600,000
Loan-to-Value
61%
Deal Summary
Redwood Mortgage, a direct private money lender headquartered in the Bay Area, funded a $2,200,000 1st lien position private money cash-out refinance bridge loan secured by a tenanted retail strip in Santa Ana, Orange County, CA. The property has a buildable pad and the Borrower wanted the cash-out funds to build a cold shell on that pad, which is fully entitled and ready for construction. This was a low-doc loan. We only required the rent roll, tenant leases, 2 years of operating income statements, and a new appraisal. The appraised value was around $3,600,000 which puts our loan at a loan-to-value of 61%. The property is held in an irrevocable trust. This private money bridge loan was funded in August 2019.
Funded By
Redwood Mortgage
In business for over 40 years. Lending in California Coastal Metro Areas.