Mission Viejo, CA
2-4 Units Residential, Single Family Residence
This borrower needed to pull cash out of their primary residence in Mission Viejo, Orange County, to invest in their business. They had a low interest rate on their first mortgage and didn't want to refinance that. They just wanted to pull cash out with a 2nd mortgage. A note was arranged for a 12 month period. It was funded in January 2014, and the borrower paid it off as agreed. Due to regulations on consumer mortgages, most private lenders in California will only secured a loan with an owner-occupied home if the funds will be used for a business purpose.