Altadena, California Funded Hard Money Loan
Property Type: “4” Units
Lien Position: 2nd Trust Deed
Loan Amount: $125,000.00
Appraised Value: $960,000.00
Loan Rate: 12%
Loan Type: Business Purpose
Occupancy: Owner Occupancy
Term: “18” Months Interest Only
Atladena, California – Our Borrower was introduced to our company by her Mortgage Broker in February 2015, when she wanted to get a new 2nd Trust Deed on her Altadena, California property to raise funds for her business.
The Borrower had good credit, but had difficulty in fully documenting her income. Since she lived in one unit and rented out the other 3 units there was sufficient monthly income to pay all property expenses, including our proposed $125,000.00 2nd Trust Deed in Atladena, California.
The property was in good condition and located in a very desirable area. We were able to properly confirm and document her business and her use of the funds as a designated Business purpose so as to comply with the required government laws.
The total time from loan application to funding was under 10 days in Atladena, California.
Westar Lending Group can arrange a private equity or hard money loan that can be used to balance out cash flow for your business throughout the year, to provide additional capital to purchase inventory, to expand the business, to finance desired business projects, to acquire another business, or to complete a joint venture. If the business carries inventory and additional capital is needed to make necessary purchases from wholesale suppliers, we can arrange the money necessary to make the business more profitable.
As is the case for each of our residential hard money loans, our funding decisions are based on the equity in the subject property owned by the borrower or the business. We don’t let negative credit, bad credit or lack of income stand in the way of making your business successful.