Santa Barbara Owner Occupied Refinance (Montecito)

North Coast Financial provided a $285,000 loan amount for an owner occupied property in Santa Barbara, California (Montecito). The borrower purchased the property all-cash and used short-term borrowing from retirement accounts and other sources. These accounts needed to be paid back within a short period of time in order to prevent negative tax implications and penalties. The hard money loan allowed the borrower to pay back the funds into the retirement account and then go through the longer process of obtaining a long-term traditional loan. The loan to value was approximately 10%.