Deal Details
Private Loan Type
Refinance
Approx. Funding Date
05/10/2018
Property Type
Property City
Encinitas
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
39%
Building Square Footage
4,502
Lot Square Footage
10,954
Deal Summary
Stonecrest Financial, a private money lender, funded a $3,000,000 1st lien position equity cash-out loan secured by a beachfront residential investment property in Encinitas, North San Diego County, CA. The Borrower needed to cash out equity in order to help with cash flow until the property sells. The home was appraised at $7.7M so our loan-to-value was just 39%. The property is a 4,502-square-foot 3-story home situated on a 10,954-square-foot lot. This 5-bedroom, 5.5-bathroom home was custom built in 2016 and has a beautiful view of the ocean from the 2nd and 3rd floors. This property is stunning with inside/outside polished limestone flooring, an elevator, and many other amenities. This SFR private money refinance loan was funded in May 2018.