Private Money Loan for Tahoe Vista Vacation Rental Purchase in Lake Tahoe, California

The Brookline Group, a direct private money lender, provided a $750,000 1st mortgage for the purchase of a residential investment property in the Tahoe Vista neighborhood of Lake Tahoe, California. The purchase price was $1,550,000 and the Borrowers put down 52% in cash. They plan to furnish the home and make it a short-term rental. Tahoe Vista is a census-designated area located on the north shore of Lake Tahoe in Placer County. It attracts many visitors, and there is always a demand for large vacation rentals. The property is on the lake, in the Agate Bay community, consisting of 1,600 square feet with 3 bedrooms plus a bonus separate studio apartment over the 2-car garage. All 3 bedrooms have a view of Lake Tahoe. There is also a lakefront deck and 2 buoys for docking boats. The Borrowers were represented by a mortgage broker who had a prior relationship with us and we provided the funds very quickly with a timely closing. The loan term was set at 12 months. The Borrowers plan to refinance with a conventional loan to pay off our private mortgage. This SFR private money loan was funded in April 2020.