Artesia, California – Our client is wishing to obtain a new 1st Trust deed loan for $60,000.00 on one of their rental properties. The loan is to both make improvements and upgrades to the Subject Property and to pay several creditor obligations.
The Subject Property has a QVM (Quantarian Associates) Market Value of: $462,424.00
The Subject Property is currently leased for $2,000.00 per month, which will more than cover the monthly mortgage payment together with all other related property expenses.
The Borrower owns “3” other properties on the same street as the Subject Property in addition to another rental house in Artesia, California.
The Borrower had allowed their “Grand kids” access to their bank account, and they have abused them and have withdrawn so much money that they left them short of funds to make several creditor payments. We made it a requirement of the proposed loan that they open a new bank account where their Net Proceeds will be wired to where their Grand Kids will not have no access to the funds. They have now opened a new bank account and we have received the new account documentation.
They had never taken out a Residential Real Estate Loan before, so we had to go the extra mile to explain all the specifics about the effects that a mortgage has on her property. The plan of payback is to either refinance the proposed loan prior to maturity or sell the property. They walked away happy about the process and we were very happy to help them reach their financial and Real Estate needs.