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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
07/16/2021
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
9
Lien Type
2nd Trust Deed
Payment Type
Interest Only
Property Value
$850,000
Previous Loan Balance
$200,000
Loan-to-Value
35%
Property Neighborhood
Westchester
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Interest Rate
8.5%
Deal Summary
The Brookline Group, a private money lender based in Tarzana, funded a $100,000 cash-out refinance loan secured by a single-family rental home in the Westchester neighborhood of Los Angeles, CA. The Borrower had an existing 1st mortgage of $200,000 and needed a quick cash-out loan for renovation projects on other investment properties. The value of the home was estimated at $850,000 so the combined loan-to-value is only 35%. Because the LTV is so low, our interest rate was only 8.5% with no junk fees charged. We did not require an appraisal, and we closed in just 7 days. The 1st mortgage is maturing in 9 months, so the Borrower plans to refinance into a long-term rental loan within 6 months. This private money loan was funded in July 2021.
Funded By
The Brookline Group
Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans