Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/07/2020
Property Type
Property City
North Lake Tahoe
Property State
CA
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$1,550,000
Loan-to-Purchase Price
48%
Borrower's Contribution to Purchase
52%
Source of Borrower's Contribution
Cash
Property Neighborhood
Tahoe Vista
Location Type
Suburban
Property Condition
Excellent
Building Square Footage
1,600
Borrower's Plan
Short-Term Rental
Exit Strategy
Conventional Loan
Deal Summary
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.