Santa Ana, CA
Equity Cash Out08/30/2019
Redwood Mortgage provided a 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 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.