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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.
Funded By
The Brookline Group
Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans