Palos Verdes Estates, CA

$470,000

Residential Land

Purchase

12/17/2020
Transaction by
The Brookline Group
The Brookline Group, a direct private money lender, funded a $470,000 1st mortgage for the purchase of a residential vacant lot in Palos Verdes Estates, California. The purchase price was $940,000. The Borrower brought 50% cash to the closing, and Brookline funded 50% loan-to-value. The property is a rare find in a very affluent area. The lot is surrounded by luxury homes, mostly on hillsides with beautiful views. Brookline's principal, Mike Klemens, did a site visit and moved quickly to fund the loan before Christmas. The Borrower plans to build a spec home. They needed a private money loan just to acquire the lot and plan to pay it off once they have secured a construction loan within two years. Although they qualified for a bank loan, a prepayment penalty would've been charged if paid off within two years. Brookline offered better terms than the bank, and no prepay charge which was a Borrower hot button. Also, Brookline does not charge any garbage fees. This private mortgage was funded in December 2020.