Our Borrower requested that our company arrange the funding of a new $175,000.00 1st Trust Deed Hard Money Loan in Castaic, California that would provide him the necessary funds to complete the construction of the Single-Family Spec House, which he was intending to sell following the completion of construction.
The proposed $175,000.00 1st Trust Deed Hard Money Loan was the 3rd time that our Borrower had requested our company arrange financing for an Investment construction project.
Since our Borrower did so much of the construction work on his own, and for far less than any contractor would ever charge, standard construction lenders would find his “Numbers” not believable, and further NOT agree to provide the construction loan he was requesting, fearing it would not be sufficient to complete the Spec House.
Since he owned several other Free & Clear lots in the Castaic, California area, we suggested that we arrange an Equity Loan on the lots and provide him the funds to spend as he wished to construct the Spec House.
Our Borrower was agreeable to secure the $175,000.00 1st Trust Deed Hard Money loan against both the Subject Property together with “4” additional building lot sites, thus providing adequate equity to secure the requested loan to construct the intended single-family residence.
If things go as well as the prior transactions did, our Borrower should make a great profit. Castaic, California