Loans to
Second Trust Deed
Location: Monterey, CA
Funded: $265,000
Private Loan Type: Second Trust Deed Loan
Deal Highlights:
The real estate investor was looking to pull equity out of an existing investment property for deferred maintenance between tenants
They had a short window to secure the financing, get the work done, and find a new tenant
Deal Summary:
The owner of the rental property took advantage of a long-term tenant moving out to do deferred maintenance and light renovations before securing another tenant. With no rental income to help them qualify for a traditional loan during this short period of time, we stepped in to provide a private second trust deed loan as second position. Once the work was compiled, and the new lease was in place, the owner was able to refinance both the existing first and our second into one loan.
Deal Details:
Property Type – Investment
Lien Position – Second Mortgage
Loan-to-Value – 50%
Loan Term – 12 months
