Cash-Out Second Mortgages in El Monte
Keep Your First Loan in Place.
Tap the equity in your El Monte primary residence or investment property for a business or investment purpose, without refinancing your existing first mortgage, subject to our underwriting.
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Cash-Out Second Mortgages in El Monte
What to Know About El Monte
El Monte sits in the middle of the San Gabriel Valley between the San Gabriel and Rio Hondo rivers, with the 10 Freeway and El Monte Station running through it. Homes are mostly modest single-family houses from the 1940s through the 1960s, mixed with small apartment buildings and lots that hold more than one unit.
A lot of El Monte owners hold properties with a main house and an additional unit in back, or small multifamily, and they have built equity over many years. If the first mortgage is worth keeping, a second can access that equity for a business or investment purpose. We read the full property, including any rental units, when sizing it.
How It Works
Cash-Out 2nd Mortgage Terms
Rates, points and fees depend on the property and the deal and are disclosed in writing before you commit.
Where We Lend
El Monte Neighborhoods
We lend throughout El Monte and the rest of Los Angeles County, including these areas.
Straight Answers
Cash-Out Second Mortgages in El Monte: Questions
My El Monte property has a house in front and a unit in back. Can I borrow against both?
We look at the whole property, including the rear unit, when sizing a second. Permitted units are easier to give value to than unpermitted ones.
Do you lend in El Monte?
Yes. We’re a California-licensed direct lender headquartered in Glendale, and we underwrite Los Angeles County deals directly, including El Monte, rather than routing them through an out-of-state call center.
Can I borrow against my primary residence?
Yes, when the loan is for a business or investment purpose. That’s what sets us apart from many private lenders who won’t lend on an owner-occupied home. A signed business-purpose statement is required at closing, and the proceeds can’t be used for personal or household expenses.
More in El Monte
Cash-Out Second Mortgages Elsewhere in Los Angeles County
Have Equity in Your El Monte Property?
Tell us about it and we’ll give you a straight answer.
Get Started → or call (818) 937-9987Serving El Monte and Los Angeles County, California
Michael Daniel Investments, Inc.
417 Arden Ave, Suite 121A, Glendale, CA 91203 · (818) 937-9987
California Department of Real Estate DRE# 02037255 and NMLS# 233991.