Private Money Loan for Land Purchase in Palos Verdes Estates, California

Funded by The Brookline Group

$470,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

12/17/2020

Property Type
Residential Land
Property City

Palos Verdes Estates

Property State

CA

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$940,000

Loan-to-Purchase Price

50%

Borrower's Contribution to Purchase

50%

Source of Borrower's Contribution

Cash

Location Type

Urban

Property Condition

Vacant Land

Borrower's Plan

Development

Exit Strategy

Construction Loan

Deal Highlights

Brookline offered better terms than a bank, with no prepayment charge.
Brookline does not charge any garbage fees.

Deal Summary

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, with no prepayment charge which was a Borrower hot button. Also, Brookline does not charge any garbage fees. This private mortgage was funded in December 2020.

Funded By

The Brookline Group

Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans