|Lender Name||Loan Amounts||Property Types||Loan Types||Max. LTV||Rates|
Mission Viejo, CA
|$20K - $5M||Residential, Commercial, Land||Purchase, Refi, Cash Out, 1st or 2nd, Owner & Non-Owner Occ.||75%||7.99 - 15%|
Los Angeles, CA
|$100K - $4M||Residential, Commercial, Land||Purchase, Refinance, Equity Cash Out, Rehab, 1st or 2nd||75%||8.5 - 12%|
Los Angeles, CA
|$50K - $2M||Residential, Commercial, Land||Purchase, Refi, Cash Out, Rehab up to 90% costs, 1st, 2nd, Gap||70%||8 - 12%|
Redondo Beach, CA
|$100K - $4M||Residential,
|Purchase, Bridge Loans, Cash Out, Refi, Access to REO & Short Sales||75%||8.5 - 11%|
Los Angeles, CA
|$1M - $10M||Commercial, Residential, Land||Refinance, Cash Out, Purchase, Construction, 1st or 2nd||75%||6.99 - 12%|
San Diego, CA
|$50K - $3M||Residential, Commercial||Purchase, Refi, Cash Out, Owner & Non-Owner, 1st or 2nd||75%||7 - 12%|
San Diego, CA
|$200K - $10M||Residential, Commercial||Purchase, Refi, Cash Out, Rehab, Construction, 1st or 2nd||75%||9 - 12%|
San Diego, CA
|$50K - $2M||Residential, Commercial, Land||Purchase, Refinance, Equity Cash Out, Rehab, Construction||70%||9.99 - 12%|
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$2,500,000 Bridge loan for the purchase of a vacant 2-unit industrial building in Santa Ana, CA. The building consists of 31,300 square feet of usable space on a 1.86-acre lot. The estimated value is $5.5MM, Corey's firm provided a 1st trust deed bridge with a loan-to-value of 45%. The Borrower plans to rent both units, refinance with a conventional lender and hold the property as a long-term investment. The loan term for this bridge loan is two years. This private mortgage was funded in May 2015.
$1.8M Hard money loan for a single family home purchase in Laguna Beach. Corey's firm provided a 1st mortgage of $1.35M and 2nd mortgage of $450K to fund 100% of the acquisition cost. The Borrower will put up his own funds for the rehab costs, estimated at $184K. He plans to rehab the property and flip back onto the market for $2.8M so the loan-to-value is 64%. The loan term for this 1st trust deed private mortgage is one year. This private mortgage was funded in May 2015.
$900,000 hard money loan for a residential construction project in San Clemente. The Developer (borrower) had located & negotiated the price & terms for the subject property, a vacant raw land parcel. They were then approached by an Investor wanting to do a joint venture using his IRA. When the new JV partner realized it was a prohibited transaction, he purchased the land and then sold it back to the developer with the Investor's profit being paid upon the sale of the completed project. The Developer & Investor set up an agreement to allow the acquisition & construction loan to be in 1st lien position followed by a land note secured by a 2nd Trust Deed. This enabled Antonio's firm to be in the 1st lien position & fund the purchase, 100% of construction costs, and include an 18-month prepaid interest reserve in an escrow fund control account.
Essentially, the Developer didn't have to come in with any funds, which allowed them to focus on their core competency of construction development. The land is going to be developed into a 3,400 square foot duplex composed of two 1,700 square foot condos, each with 3 bedroom and 3.5 baths, 2-car garage, and a rooftop deck. Both units are expected to sell for a total of $1.5M so the LTV for this hard money loan is 60%, and the interest rate is 12%. This private mortgage was funded in April 2015.
$611K Private money bridge loan for the purchase of a single family home in Yorba Linda. The property was purchased as a REO from a bank for $865,000. The Borrower put down 30% in cash. He has excellent credit and is very experienced in buying and rehabbing properties. This home consists of 3,200 square feet, 5 bedroom, 4 bathroom, is equipped with high end finishings and a pool, has significant upside after the minor cosmetic rehab has been completed. The Borrower did extensive research with the city on any outstanding issues with regard to permits and square footage. He plans to sell upon completion of the rehab within 1 year. This private mortgage was funded in April 2015.
$321K Hard money loan for a single family home fix & flip project in Fullerton. The purchase price was $387K, the rehab cost is estimated at $16K. The Borrower put down 17% cash, Corey's firm funded the rest of the costs and they funded in just 6 days. The property is a 1,300 square foot home with 3 bedrooms and 2 baths. The Borrower plans to complete the rehab and flip back onto the market for around $495,000 so the loan-to-value on this rehab bridge loan is 65% LTV. This private mortgage was funded in February 2014.
$536K Private money bridge loan to refinance and cash out equity on an industrial building in the Irvine Spectrum neighborhood of Irvine, CA. The Borrower needed quick cash out to take advantage of a technology contract to help him grow his business. He has operated his business at the building since 2001. Wilshire Finance Partners paid of the previous mortgage balance of $440,000 and provided the Borrower with the cash out needed within 11 days. He plans to refinance with a conventional loan to pay off this 1st trust deed bridge loan within 2 years. This private mortgage was funded in November 2014.
$466K Hard money loan for a single family home fix & flip project in Santa Ana, Orange County. The purchase price was $518K the rehab cost is estimated at $665K. The Borrower put down 24% cash toward the purchase, MOR funded the rest of the costs. The Borrower plans to complete the rehab and flip back onto the market for over $800,000 so the loan-to-value on this 1st trust deed bridge loan is 67% LTV. MOR was able to close the loan in just 7 days. This private mortgage was funded in November 2014.
2nd mortgage to cash out equity on a primary residence worth $670K with a $535K 1st mortgage balance. The subject property is a 4-bedroom 3-bath home near Lake Mission Viejo. The property is owner-occupied. The borrower needed the funds for working capital in his automotive business. The lender was able to fund this loan 4 weeks after the initial inquiry. The interest rate is 25% for this 12-month bridge loan. The combined LTV is 83%. This private mortgage was funded in February 2014.
This oceanview house was free and clear, vacant and on the market for sale. The lender's transitional loan provided business capital urgently required by the owner, a non-resident foreign national. Given the strength of the borrower and the 55% LTV, the lender was able to fund this bridge loan fast, at a competitive rate. The borrower has another home in Malibu on which the lender funded a private money loan.
The borrower purchased the home several months ago at $480,000 as a short sale with all cash, and secured the property way under market. Carl's private mortgage amounted to 65% of the purchase price (65% is typically the maximum loan-to-cost on private money loans). He charged 2 points and the rate is 10% with interest-only payments. The borrower plans to keep the home as a rental for now. This private money loan was funded in September 2013.
Buena Park is a city in northwestern Orange County, about 12 miles northwest of downtown Santa Ana.
The Borrower had to close on this cash out refinance in 1 week. Their bank had been processing a refi for over 60 days and the Borrowers were simply out of time; they needed deal certainty and an immediate closing to take advantage of a significant opportunity with a now looming deadline. The building had an appraised value of $2,950,000, the borrower had an 800 FICO Borrower and requested a 60% LTV loan on a fully leased industrial building.
Larry's team performed and completed the process: inspected the asset, vetted the sponsors, interviewed the tenant, reviewed the lease, verified submarket conditions and present value, confirmed the environmental findings, worked closely with title, and closed it to meet their deadline. No underwriting corners were cut and no due diligence stones were left unturned.
The borrower needed the funds to improve the home and also to invest in another property acquisition. The estimated value of the home is $1,200,000 and the existing 1st balance is around $270,000 which set the combined LTV at only 35%. This is a no-brainer for most private lenders, although a lot of lenders don't even consider 2nd position. Carl has funded a number of 2nd private loans. The home is tenant-occupied and has a good cash flow. The interest rate on the 2nd is 10% with a 36-month term, interest-only payments. This private money loan was funded in August 2013.
Newport Beach is an affluent city in Orange County, California, 10 miles (16 km) south of downtown Santa Ana.