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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
05/15/2020
Property Type
Property City
Dana Point
Property State
CA
Lien Type
2nd Mortgage
Payment Type
Interest Only
Property Value
$10,000,000
Previous Loan Balance
$4,544,000
Loan-to-Value
50%
Location Type
Suburban
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
7,200
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
The Brookline Group, a direct private money lender, provided a $500,000 2nd mortgage private money cash-out loan secured by a single-family residence in Dana Point, Orange County, CA. The property is a 7,200-square-foot home that was under construction. The project was 3 weeks away from completion, and the developer needed some additional funds for the finishing touches. The balance of the 1st mortgage was $4,544,000. Brookline provided the cash-out loan in a very short period of time, and we did not require an appraisal. We estimated the home to be worth around $10,000,000 upon completion, so the combined loan-to-value was around 50%. The property is steps away from the Pacific Ocean in a very upscale neighborhood surrounded by luxury homes. This SFR private money cash-out loan was funded in May 2020.
Funded By
The Brookline Group
Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans