$100,000 Owner Occupied Hard Money Second Mortgage In Los Angeles

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$100,000 Owner Occupied Hard Money Second Mortgage In Los Angeles

P2PTD closed a nice little $100,000 owner occupied hard money second mortgage for a self-employed borrower on their principal residence in Los Angeles County

The loan made a lot of sense because the borrower wanted to have additional funds on hand to buy a fixer upper if the right property came along.  Basically, the homeowner was hoping to leverage this money into additional income from flipping a few houses in the next few years.  . 

For the trust deed investor making this loan, it also made a lot of sense.  They had a strong borrower with over a decade of self-employment who wanted to pull $100,000 out of their primary residence.  Even after taking out the second trust deed, there would still be at least $250,000 in protective equity left in the property.  Plus, the loan was set up for seven years (84 months), so there wouldn’t be any immediate pressure on the borrower to meet any balloon payment deadlines that often occur with 24 or 36 month hard money second mortgages.  

Overall, this was an excellent loan that satisfied all parties involved.

$100,000 Owner Occupied Hard Money Second Mortgage Terms: 

  • $100,000 Loan Amount
  • 9.75% Interest-Only
  • 84-Month Term
  • 6 Months Guaranteed Interest (aka – prepayment penalty applies if paid off within the first 6 months)

For Owner Occupied Hard money Second Mortage Loan scenarios in California, Oregon, or Washington, please contact Brett Everett or Ted Spradlin.

Do you have a similar financing scenario?
Inquire about your financing options with FCTD.