$80K hard money loan secured by 4 acres of residential raw land in Glendora, close to Los Angeles. The Borrower’s existing 1st mortgage was coming due and needed a straight refinance. The appraised value was $200K so the LTV on this private money loan is 40% based on an internal review of value. The loan term is 9 months, and the Borrower plans to have construction financing in place by then to pay off this hard money loan. The loan was funded 2 weeks after receipt of the application, and an appraisal was required.