Single Family Residence
Equity Cash Out06/27/2019
DML Capital provided a $115,000 private money 2nd mortgage secured by a single family residence in Lynwood, Snonomish County, WA. The borrower owns and operates a charter boating company with her son. She has excellent credit and 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.