Calimesa, California – 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 is 58% based on the Subject Property’s $515,000.00 Appraised Value. The Borrower has a middle FICO score of 622. The Subject Property is located in both a strong rental and sales area. The Subject Property has been completely renovated and upgrades. The Trust Deed Investment has a good rate of return with very little risk
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. Calimesa, California
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.
The plan of payback is to refinance the Subject Property with an Institutional Lender prior to the maturity date for the proposed $192,500.00 1st Trust Deed Loan in Calimesa, California.
$192,500.00 1st Hard Money Loan at 10.99% in Calimesa, California, where our Borrower turned the property into a gen and sold for a big profit.
The borrower was very happy with the process of our real estate financing in Calimesa, California.