Private Money Loan for Residential Land Purchase in Lancaster, California

Funded by The Brookline Group

Lancaster, CA

$150,000

Residential Land

Purchase

10/22/2021
Transaction by
The Brookline Group
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.