The subject property is 1.4-acres (3 lots) in the Oakland Hills and contains a single SFR built in 1928 of 2,664 sq. ft. with 2 bedrooms and 2 baths. The property is located at the end of a cul-de-sac and presents tremendous upside development potential. The borrowers plan to remodel the existing home and possibly build homes on the other two lots.
…The borrowers have excellent credit (800 and 716 Fico mid-scores) and stable employment with a strong income.
The property is an unusual property that did not fit into the guidelines of conventional lenders. Pacific Private Money was able to source private equity and fund this transaction.