Walnut Creek-based Peer-To-Peer Trust Deeds secured the Bay Area Private Money Second Mortgage for a homeowner seeking cash-out funds to pursue another real estate investment opportunity in the area.
The 20-year term on the second mortgage from a Southern California trust deed investor closed in just under two weeks from application to close of escrow. The homeowner had weighed the options between using private money financing versus applying for a Home Equity Line of Credit (HELOC) with a local bank. Due to ease of closing along with the speed of closing, the homeowner elected to go with private money financing since it would allow the borrower to close on-time with the other real estate opportunity.
Bay Area Private Money Second Mortgage Terms:
- $100,000 Loan Amount
- 10.00% Interest-Only
- 20-Year Term
- 1-Year Prepayment Penalty
- 14 Calendar Days To Close