Front view 30 Lucky DrPacific Private Money recently funded a 70%LTV, 2nd on a duplex rental in Greenbrae.

The duplex has 2 units totaling 2,841 sq. ft. of living space with a 2/2 unit and 2/1.5 unit on 13,200 sq. ft. lot. The current rents total $5,500 per mo…nth.

The borrower has good credit (Fico mid-score of 692) and excellent job stability as an insurance broker. The gross rents also service all debt, taxes and insurance on the subject. He is paying off small business related debts to improve cash flow and financial circumstances.

The borrower is utilizing private money because conventional financing is not typically available for 2nd’s on rental properties. Pacific Private Money sourced private money and was able to fund this transaction.

The exit strategy is to conventionally refinance or sell the property.

Author: Mark Hanf

CA. DRE # 01811186 | NMLS No. 331091

Mark is Founder, President, and CEO of the San Francisco Bay Area-based Pacific Private Money Group of companies. Pacific Private Money Inc., the flagship company, is an alternative real estate mortgage lender founded in 2008 to provide consumers and real estate investors access to fast, reliable, and convenient capital.