Pacific Palisades, CA
Single Family Residence
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. Stonecrest provided a $1,500,000 private money line of credit in 1st position. 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, 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.