Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
04/01/2019
Property Type
Property City
Tomball
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Building Square Footage
23,000
Deal Summary
Ontario Wealth Management Corporation, a direct private mortgage lender, funded a $3,000,00 1st lien position bridge loan secured by a commercial plaza located in Tomball, TX. The Borrower needed to cash out equity on the property to use for the acquisition of inventory for their business. The property is a 23,000-square-foot newly built commercial retail plaza 35 miles north of Downtown Houston. Although the property had a good amount of equity, the Borrower pledged an additional property to maximize the loan amount. The property that we cross-collateralized is a 1,200-square-foot residential condominium unit in Midtown Manhattan, NY. This CRE equity cash out loan was funded in April 2019.