Los Angeles, CA

$1,600,000

Single Family Residence

Equity Cash Out

10/15/2019
Transaction by
Stonecrest Financial
Stonecrest provided a $1.6M credit line secured by an owner-occupied residential property in Los Angeles. The Borrower has been successfully flipping real estate for many years. For each deal, she would get a hard money loan and pay origination points. However, she can now use our credit line to flip as many properties as she can, and she only had to pay the origination fees once. As each property is flipped, she can pay the line down to $0, pocket the profit, and do it all over again. Only now, she doesn’t pay origination fees on each deal which will save her potentially tens of thousands of dollars on each transaction and increasing her investment yields. The loan term is 36 months. Although we don't typically provide private mortgages secured by an owner-occupied home, we were able to make an exception because the funds will be used for a business/investment purpose. The value was over $2,650,000 which put the LTV for our financing at around 60%. We funded this private mortgage in October 2019.