Private Money Loan for Monterey Park Multifamily Purchase

Funded by Loan Mac, Inc.

Monterey Park, CA

$1,012,500

Multifamily

Purchase

07/02/2021
Transaction by
Loan Mac, Inc.
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 prepay. We also gained a new friend and tennis partner. This private mortgage was funded in July 2021.