Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/02/2021
Property Type
Multifamily
Property City
Monterey Park
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
75%
Borrower Credit Rating
Excellent
Interest Rate
7.99%
Deal Summary
Loan Mac, a direct private lending firm, funded a $1,012,500 private money loan for the purchase of a multifamily property in Monterey Park, CA. In this case, the Borrower had excellent credit and was bankable, but needed to execute quickly in order to comply with a hard close date. The loan-to-value was 75%, and the interest rate was 7.99%. Multiple borrowers were added and after overcoming some complications, Loan Mac was able to fund the deal after 7 days, without an appraisal, and no prepayment. We also gained a new friend and tennis partner. This private mortgage was funded in July 2021.