Our borrower purchased the Subject Property for $275,500.00 in Calimesa, California, where he was putting down $82,500.00 and further planned to deposit additional necessary funds to cover all closing costs.
The LTV for the loan was 64% relative to the Subject Property’s Current Appraised Value. Our Borrower planned to invest an additional $40,000.00 to $50,000.00 in improvements and upgrades.
The property improvements and upgrades our Borrower intended to make to the property would increase the its value and thus lower the LTV for the proposed loan for our company’s Investor.
Our Borrower had a solid long track record with our company and our Investors, and due to the strength of the proposed transaction we were able to arrange a $192,500.00 1st Trust deed at 10.99 with a “12” month term in Calimesa, California.