This Private Money Bridge loan was secured by a second trust deed. The Single Family Home in Laguna Beach. The home appraised for $2,335,000 and had an existing 1st mortgage balance of $1,500,000. The combined loan-to-value with this new 2nd trust deed mortgage is 65% based on an appraised value. Nationwide Mortgage was able to secure funding in less than 10 business days.
This Borrower had equity in his property. Nationwide Mortgage funded this $150,000 cash out loan so that the borrower could purchase another rental property.