Pacific Palisades, CA

$1,000,000

Single Family Residence

Equity Cash Out

10/30/2020
Transaction by
Stonecrest Financial
Stonecrest Financial, a direct California private lending firm, funded a $1,000,000 private mortgage line of credit secured by a residential property in Pacific Palisades, Los Angeles County. The property was under construction at 65% complete. The developer needed to cash out equity for working capital and to complete the project. He opted to use our unique line of credit program to save on interest payments. The appraised value was $7,900,000 so our 1st mortgage was less than 13% loan-to-value. The property consists of 7,251 sq ft on a 10,370 sq ft lot with ocean and city views from it's upper levels. It has 5 bedrooms, 6.2 bathrooms, lap pool and spa, large deck area's on two levels that feature expansive, panoramic views, wine cellar, movie theater/music room, secure storage (safe) room, 5 car garage, elevator that goes from the garage to the 3rd level. The borrower plans to pay off our loan upon the sale of the property within the 2-year loan term. This private mortgage was funded in October 2020.