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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/22/2021
Property Type
Property City
Lancaster
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$290,000
Loan-to-Purchase Price
52%
Borrower's Contribution to Purchase
48%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Vacant Land
Number of Units
2
Lot Square Footage
46,200
Lot Acreage
1.0
Borrower's Plan
Development
Exit Strategy
Construction Loan
Interest Rate
9.87%
Deal Summary
The Brookline Group, a direct private lender in Los Angeles, funded a $150,000 private money loan for the purchase of 2 adjacent residential lots in Lancaster, California. The purchase price for each lot was $145,000 with a total square footage of 46,200. We funded 52% of the purchase price, and the Borrower put down $140,000 cash. The subject property is in a residential neighborhood which is mostly developed and has lots of retail a few blocks away. The Borrower plans to build 2 spec homes on the 1-acre lot. He owns a few other parcels of land in the Antelope Valley area. The loan term is 12 months, and the interest rate for our 1st mortgage is 9.87% with interest only payments. We closed this transaction in less than 2 weeks after the initial inquiry. We did not require an appraisal. This private mortgage was funded in October 2021.
Funded By
The Brookline Group
Licensed Individual Investor Lending Own Retirement Funds for Low LTV Loans