Cherry Valley, California Our Borrower was purchasing the Subject Property in Cherry Valley, California for $125,000.00 where at the time of purchase, the Appraised Value was $165,000.00, so he was buying way under the current market value. Our Borrower was putting in a down payment of $30,000.00 in addition to funds to cover all closing costs. Additionally he had the necessary funds to make all required repairs and improvements to the Subject Property. Our Borrower had extensive experience in fixing and repairing properties. He was very well capitalized with a conservative business model, unlike many other Fix & Flip investors who often operate on a shoestring.
He consistently made profits on every transaction he has been involved with over the prior “4” years.
We were able to arrange a new $95,000.00 1st Trust Deed Fix & Flip Loan at 10.99% with a “12” month term
The plan to payback the $95,000.00 loan was to sell the Subject Property in Cherry Valley, California following the completion of all repairs and improvements.