)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/16/2017
Property Type
Property City
Pacific Palisades
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,650,000
Loan-to-Value
56%
Building Square Footage
1,279
Lot Acreage
0.15
Deal Summary
Stonecrest Financial, a private money lender, funded a $1,500,000 1st lien position bridge loan for the acquisition of a single-family home in Pacific Palisades, CA. This Borrower needed to use equity in one investment property to invest in another real estate project. They owned a home in Pacific Palisades, a very desirable area of Los Angeles County, free and clear of any liens. The property was valued at $2,650,000 so the loan-to-value was just 56%. The subject property is a 1,279 sq ft, one-story, single-family home, has 2 bedrooms, and 2 bathrooms, and sits on a 6,500 sq ft lot. The home was built in 1950 and has been completely renovated throughout, with custom maple cabinetry in the kitchen. Stonecrest is one of the only private mortgage lenders in California offering a line of credit secured by a single property. We funded this loan in November 2017.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position