Los Angeles, CA

$100,000

Single Family Residence

2nd Mortgage

07/16/2021
Transaction by
The Brookline Group
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. 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.