Loan Type: Property Type: LTV: Location: Loan Amount: Rate: Term Prepayment Penalty:
Private Money Loan Refinance Residential Estate 54% Lafayette, CA $2,000,000.00 9.75% 3 years 6 months |
Scenario: Borrowers needed funds to maintain his cash needs. He was a estate home builder who had not worked in 2 years because of the recession. His bank would not lend him any money due to his lack of income. California Private Money Lenders encumbered 4 other properties to attain the required LTV and collected 1 year of interest in escrow to debt service the loan for the first year.