Single Family Residence
Stonecrest Financial, a direct private mortgage fund based in San Jose, provided a $350,000 2nd mortgage secured by an owner-occupied residential property in Richmond, Contra Costa County, CA. Our client had owned a successful hardscape business for many years. The supply store that he purchases his materials from went up for sale. Excited to purchase the business, the client researched many financing options only to run into roadblock after roadblock despite his good income and credit, due to his citizenship status. Stonecrest funded a business purpose 2nd mortgage on his home which provided the funds required to complete the purchase, along with a line of credit for additional working capital. The combined loan-to-value was 58%, and the loan term is 12 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. This private mortgage was funded in October 2019.