Dana Point, CA

$500,000

Single Family Residence

2nd Mortgage

05/15/2020
Transaction by
The Brookline Group
The Brookline Group, a direct private money lender, provided a $500,000 2nd mortgage secured by a residential property 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 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 neighborhoods surrounded by luxury homes. This private money cash out loan was funded in May 2020.