Burbank, California – Our client is the Successor Trustee to the Family. They are were looking to obtain funds for his real estate business and to pay off several business debts relating to his business.
The Father was not able to sign documents due to his medical condition. He is agreeable to his Son obtaining a loan for $60,000.00 where the net proceeds will be used by his son’s real estate Business.
The Subject Property has been the home of the Parents for decades and should the father pass away, then his Son will inherit a 33.33% share of the Subject Property. His Siblings are considering the taking out of a loan for $60,000.00 to be an early distribution of future share to his Parent’s Estate and are agreeable to said action.
The Subject Property is 1,318 Square Feet on a 6,898 Square Feet Lot on a very nice side street in Burbank, California. The property is in good condition as has been well cared for by the family.
The borrower has sufficient income to make the monthly payment.
We believe that the loan had many strong points. The LTV for the loan is only 9%. The Borrower will have no difficulty making the monthly mortgage payments. The property is located in a very good area in Burbank. The property is well cared for and is in very good condition. The Trust Deed Investment has a good rate of return with very little risk in Burbank, California.
The plan of payback is to either refinance the loan or from the sale of the Subject Property prior to the maturity of the loan.