Cash-Out Refinance of 2 Single Family Residences
Lone Oak Fund provided $884,000 in a cash-out refinance of two non-owner occupied single family residences in Santa Ana, California. The Borrower, an experienced residential rehabber, owned both properties free and clear. He pulled cash out to purchase another investment property. The 18-month loan is priced at 7.90% interest only for the first 12 months, and 8.30% interest only for the last 6 months. The Broker earned 1.75 points on the transaction.