Private Money Loan for Vacant Land in Los Angeles County, California

In October 2020, The Brookline Group funded a $250,000 private money loan secured by vacant land in Granada Hills, California. We paid off the previous 1st mortgage and provided some cash out to the Borrower to use for business purposes. The property is located just 12 miles from Brookline’s office, so we visited the property and walk on most of the lot. We determined the value to be approximately $1,000,000 soo our loan-to-value was only 25%. The loan term was set at 12 months with no pre-payment penalty. The Borrower plans to sell the property which will pay off our private mortgage. Situated in the San Fernando Valley in North LA County, the subject property consists of four adjacent parcels totaling approximately 2.8 acres. It’s in a populated residential neighborhood, close to a golf course. It has a lot of potential for future development, either as houses, multifamily or commercial.