Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
06/01/2020
Property Type
Property City
Fresno
Property State
CA
Loan Term (months)
60
Lien Type
1st Trust Deed
Payment Type
Amortized
Property Value
$220,000
Loan-to-Value
36%
Property Neighborhood
West Side
Location Type
Urban
Occupancy at Closing
All Units Occupied
Number of Units
3
Building Square Footage
3,700
Interest Rate
8.5%
Deal Summary
The Brookline Group, a direct private money lender, funded a $80,000 1st lien position equity cash-out loan secured by a 3-unit residential investment property in Fresno, CA. The Borrower owned the property free-and-clear, wanted to cash out some of the equity to use for a business purpose. Brookline provided the cash out loan in very short period of time, and we did not require an appraisal. We estimated the property to be worth around $220,000, so the loan-to-value was around 36%. Our interest rate was 8.5% plus points and closing costs. The loan term is 5 years, amortized over 30 years. All 3 units are occupied. The property size is approximately 3,700 square feet with 9 bedrooms and 5 baths. It’s located in the West Side neighborhood of Fresno. This private money loan was funded in June 2020.