For the full skinny on private money second mortgages, watch this.
A private money second mortgage, or second deed of trust, is a type of loan you take out when you need some liquid funds (i.e., cash) to finish a real estate investment project.
You have probably heard of second mortgages. It's what people get when they want to “pull out some equity” from their existing residence.
Private money second mortgages are similar but different. Conventional lenders like banks will lend money in the form of a second mortgage to existing homeowners in small chunks.
However, they are not so inclined to lend money for the purpose of improving a different piece of real estate. For that matter, not many private money lenders underwrite second mortgages.
Beau Eckstein's company, a hard money fund in the San Francisco Bay Area, is an exception.
They will underwrite second mortgages for the benefit of rehabbing another property.
Listen in as real estate investor and house flipping expert Beau Eckstein tells you about his private money second mortgage options.
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Or call 925-852-8261