Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
06/27/2019
Property Type
Property City
Lynnwood
Property State
WA
Lien Type
2nd Mortgage
Payment Type
Interest Only
Loan-to-Value
47%
Exit Strategy
Conventional Loan
Deal Summary
DML Capital, a direct lender for investment property bridge loans, funded a $115,000 2nd lien position equity cash-out loan secured by a single-family residence in Lynwood, Snonomish County, WA. The Borrower owns and operates a charter boating company with her son. She had excellent credit and a stated income of approximately $72,000 per year. The funds were needed to pay off the previous 2nd mortgage on the property which was used to purchase an additional boat for the business. There is still an existing 1st position loan on the property at a lower interest rate. The combined loan-to-value for both mortgage is just 47%. The exit strategy is to refinance into a conventional loan or to increase the amount of the 1st mortgage. The subject property is the Borrower’s primary residence. Although private money lenders don’t lend on owner-occupied homes, this was an exception since the funds were used for a business purpose, and it was not a “consumer” mortgage. This SFR private money loan ws funded in June 2019.