Super Jumbo Private Money Lender

May 30, 2016

Private Money Lender announced Wednesday that its private mortgage fund and its investors have provided a $4,700,000 First Trust Deed loan in San Diego, California. The loan was provided to a local real estate developer to acquire the property and complete entitlements for the construction of a 25 unit multi-family building. The property currently consists of a 17,000 square foot office building on two-thirds of an acre, on two corner lots, with spectacular bay views. The property is located in the Bankers Hill area of San Diego, just a few blocks from the entrance to Balboa Park. This is another strong portfolio loan program for our unconventional mortgage line and the underwriting process was smooth, quick and painless.

The property was appraised for $8,250,000, giving the borrower a total loan-to-value of approximately 57 percent on the transaction. Our developers have come to realize that in these types of entitlement and pre-construction scenarios, our private money fund is a much better option than an equity partner for two major reasons: the borrower maintains complete control of their project and the cost of capital is significantly less.

Mortgage Brokers have options and options are good.

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