Single Family Residence
$100,000 private money loan secured by a single family home in the Miami Gardens neighborhood of Miami, FL. The Borrower is an experienced real estate investor. He needed to cash out equity on this property to use for other investments. The property is tenant-occupied and has an estimated value of $166,000 so our private money loan is 60% LTV (loan-to-value). There was a existing mortgage on the property which we paid off and provided the additional cash to the Borrower in just 7 days. The Borrower plans to hold the property as a long-term investment. He plans to refinance with a conventional lender or use proceeds from other investments to pay off this 1st trust deed private money loan within 12 months.