Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/25/2019
Property Type
Property City
Tiburon
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Building Square Footage
8,000
Deal Summary
Private Mortgage Fund LLC, a direct California private lender, funded a $6,100,000 1st lien position private money refinance loan secured by a residential investment property in Tiburon, Marin County, CA. The Borrowers had the home on the market for sale, but the note was coming due, and they had less than one week to pay it off. We did an in-house valuation and found the LTV was less than 60%. We got this loan funded in just 3 days, with no appraisal required. Although the home is on the market for sale, we set the loan term at 2 years, and there is no pre-payment penalty. The subject property is over 8,000 square feet, and features 5 bedrooms, a tennis court, infinity pool, a four car garage, guest quarters, and much more. This SFR private mortgage loan was funded in September 2019.