Private Money Cash-Out Loan for Triplex in Palo Alto, California

Stonecrest Financial, a direct private mortgage fund based in San Jose, provided a $100,000 1st lien position equity cash-out loan secured by an investment property in Palo Alto, CA. The Borrowers inherited a 3-unit property over 30 years ago from their father and had not paid the property taxes in years because they live outside of California, and the tax bill never found its way to them. When they were finally made aware of the delinquency, they had under a week to bring the taxes current or face losing the property to a tax sale. The County refused to extend the sale date which meant Stonecrest had to perfect the title and get loan docs signed and returned from out of state all in under a week. The estimated value was $2,400,000 and there was no mortgage on the property, so our loan was only 5% LTV. The loan term was 18 months. This private money loan was funded in October 2019.