Private Money Loan for Multifamily Property in Monterey Park, California

Funded by Loan Mac, Inc.

$1,012,500

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 Highlights

We needed to execute quickly in order to comply with a hard close date.
Loan Mac was able to fund the deal after 7 days, without an appraisal, & no prepayment.

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.

Funded By

Loan Mac, Inc.

Easy Approval and Fast Funding for Many Investment Property Types