Equity Cash Out Loan for Long Beach Home
Long Beach, CA
$150,000 Loan Amount
Single Family Home
2nd Trust Deed
Private money bridge loan secured by a second trust deed on a single family home in Long Beach. Although the property is owner-occupied, this is a business purpose loan. While the Borrower was waiting for his account receivables to be received, he was in dire need of funds to pay off his vendors and suppliers in order to be able to place new purchase orders for the next upcoming "fashion" season. The home appraised for $940K and had an existing 1st mortgage balance of $539,400. The combined LTV with this new 2nd trust deed mortgage is 73.34% based on an internal review of value. Nationwide Mortgage was able to fund the loan in less than 10 business days in February 2015.