Recently Funded Transactions by Maggio Capital
Private Loan for a Short Term Rental Property and Corporate Retreat in Julian, California
Another Success Story: A Private Loan for a Short Term Rental Property
A mortgage broker contacted us regarding a customer who was in need of a private loan for a short term rental property that would also see use as a corporate retreat. Prior to calling us, the broker had contacted some of the larger private lending outfits in California, but none of them had interest in this deal. They had purchased the property on acreage in the gorgeous mountain town of Julian, California.
The borrower needed to refinance the existing purchase money loan and also renovate the property to the tune of about $500,000. We provided a $1,250,000 1st mortgage, with an 18 month loan and a 6 month yield maintenance. We utilized a local 3rd party fund control company to manage the funds and ensure that the work was completed with the loan proceeds.