Fresno, CA

$80,000

2-4 Units Residential

Equity Cash Out

06/01/2020
Transaction by
The Brookline Group
The Brookline Group, a direct private money lender, funded a loan in the amount of $80,000 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.