Beverly Glen, California – Our Client/Borrower was requesting funds to make desired repairs and improvements to the Subject Property and “Other” owned real estate in the estimated amount of $175,000.00.
The Borrower inherited several valuable real estate properties recently from her family, the Subject Property being one of the inherited properties. Her Son, who she deeded onto title after inheriting the Subject Property will come off title prior to borrower signing the $150,000.00 1st Trust Deed Loan.
There is currently $10K in outstanding property taxes due to the Probate Attorney NOT properly handling the transfer of the Subject Property from the “Estate” to our client. Beverly Glen, California.
Due to the Attorney NOT filing the “Proposition 58 Exclusion Forms” with the transfer of the Subject Property to the borrower, which provides for the property taxes NOT increasing upon the transfer from Parent to Child, and as a direct result the property taxes when “sky high”!!!!
Our client is aware of agreeable to pay ALL outstanding property taxes and will look to the County of Los Angeles to provide her a refund once the “Proposition 58 Exclusion Matter” is resolved.
The borrower has owned her residence in Beverly Glen, California for many years, and which is also “Free & Clear”.!
The Subject Property’s current scheduled Monthly rental Income of $7,800.00, which is many, many times more than the $1,125.00 monthly payment for the propose $150,000.00 1st Trust Deed Loan.
We believe that the loan has many strong points. The LTV for the loan is only 60%. The Borrower is in solid financing condition. The Borrower has a great FICO Score . The property is in a mature and solid neighborhood. The property is well cared for and will undergo upgrades and improvements. The Trust Deed Investment has a good rate of return with very little risk in Beverly Glen, California.