Pacific Mortgage Fund, a California-Based Private Lender, Provides $7.5M in Fundings in 1st Funding Tranche
Pacific Mortgage Fund is a private mortgage fund which makes 1st trust deed investments in commercial and luxury residential properties nationwide, focusing primarily on the West Coast. Pacific Mortgage Fund is privately owned and managed bridge loan lender formed to fulfill the gap created by the current credit freeze. Pacific Mortgage Fund makes both residential and commercial loans on properties including: apartment buildings, luxury homes, office/warehouse buildings, flagged hotels, retail and some special-use properties.
Orange County, CA (PRWEB) November 5, 2009 -- Pacific Mortgage Fund, a privately owned real estate lender specializing in value-added commercial and luxury residential real estate projects, last week announced it has provided a California-based civil engineer with a two-year $3.0 million bridge loan. The two-year bridge loan supports the continued growth and maturing mortgage notes of the principal’s two residences in California with a combined value of $7.5 million. The fund also provided an $3.9 million 1st trust deed against a 36 unit apartment complex in Riverside County, CA as well as a $625,000 bridge loan on a ocean front parcel in Newport Coast, CA, rounding out its first funding tranche.
" Pacific Mortgage Fund's 1st Tranche: $7,525,000.00"
"I am pleased to build on our relationship with Pacific Mortgage Fund. They have been very flexible in their terms and were able to verify my income through alternative sources", said James D. Wood. "This loan will assist my wife and I in pursuing additional properties from an enhanced position of strength." Mr. Wood requested the senior debt bridge loan to refinance two maturing notes and purchase a property for his business overseas.
“We like these kinds of loans,” explains Jyo Kim, Director of Origination at Pacific Mortgage Fund. “One thing about these properties…they are exquisitely built and at a very low to loan value. Although the market for such properties may be volatile, we are at what we believe the low end of the market." Pacific Mortgage Fund will continue to offer commercial and residential bridge loans focusing on income producing commercial properties and high-end luxury homes below 65% loan to value. Pacific Mortgage Fund will be completely its 2nd funding tranche prior to year end 2009.
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