Cash-out Refi on 3 High-End Homes
Lone Oak Fund just funded a $3,660,000 first trust deed, secured by three high-end investment homes in the Los Angeles area. Borrower owned these properties free and obtained a cash-out refi at 55% LTV. The 18 month loan was priced at 7.90% interest only for the first year and 8.30% interest only for the last 6 months, with no prepayment penalty and 2.0 points. The Broker earned 2.0 points on the transaction.
The Borrower, a foreign investor, will use the cash-out to expand his existing business.