Single Family Residence
The Borrower needed to cash out equity on a beachfront residential investment property in Encinitas, North San Diego County, to help with cash flow until the property sells. Stonecrest provided him with a $3M credit line in 1st position against the home’s appraised value of $7.7M so the 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. Stonecrest funded this private money loan in May 2018.