Equity Cash Out Loan for SFR with detached garage and upstairs ADU in Los Angeles, CA

S&L Capital recently funded a cashout refinance for a repeat client.  This loan was transaction 1 of 2.  Our borrower acquired the subject property a few years back with little leverage, renovated the front unit, and then developed a detached garage with an upstairs ADU.  This allowed them to have 2 rental units generating a total of $7,200 per month.  Due to the equity established in the property, they approached S&L Capital Group to free up capital in order for them to acquire a triplex in Placentia, CA.  Keeping the leverage low on both properties was important to them.  As such, we did a $550,000 cash-out refinance on the subject property, then provided a $535,000 bridge loan on the acquisition.  The combined loan amount allowed them to come in with $0 to close the acquisition of the triplex while freeing up roughly $100,000 to renovate the newly acquired triplex.  Timing was important on this deal as it was in LA County.  LA County does not allow for same-day recording which delays disbursement upon funding up to 48 hours.  With the acquisition needing to fund on 11/30, we scheduled the signing right before Thanksgiving.  This allowed us to fund the cash-out refinance on 11/28, record on 11/29, then fund the acquisition on 11/30.  This deal was submitted to underwriting on 11/17 and funded on 11/28. 6 business days including the submission date and funding date.  Thanksgiving was spent with family.