Pacific Private Money just closed a $165,375, 70% LTV loan on an investment acquisition in San Pablo.
The subject property is a 1124 sq. ft. SFR with 3 bedrooms and 2 bathrooms. There is also a small studio in the backyard on this 5200 sf. lot. The borrowers made a cash offer for this purchase at auction.
The borrowers have $110,000 in liquidity and excellent credit (743 and 781 midscores respectively). The subject property was purchased for rental income. The exit strategy is to conventionally refinance.
Conventional lending could not move quick enough. Pacific Private Money sourced private equity and closed this purchase money, investment acquisition in a timely manner.