City of Industry, California Funded Hard Money Loan
Property Type: Odd Shaped Vacant Lot
Lien Position: 1st Trust Deed
Loan Amount: $35,000.00
Appraised Value: $200,000.00
Loan Rate: 11%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “36” Months Interest Only
Our Borrower had purchased the Subject Property in City of Industry, California for around $200,000.00 from a man who had earlier purchased it at a Cal Trans surplus property sales auction. The Subject Property was very odd shaped and didn’t allow for any structure to be constructed.
The LTV for the loan is only 5%. The property is located in Northridge area of Los Angeles, California. The property is well cared for and is in good condition. The Trust Deed Investment has a good rate of return with very little risk
Our Borrower was renting out the Subject Property to multiple building contractors as storage space, where each contractor had their own designated area. Our Borrower was generating over $6,000.00 in monthly income on a property that appeared to have little to no value.
The former owner who carried back a loan for $180,000.00 was willing to accept the sum of $30,000.00 as payment in full from our Borrower, due to him needing immediate funds for a serious medical condition.
We were able to get one of our company’s Investors to see past their initial impression of the Subject Property and further understand our Borrower’s business plan.
We were able to arrange the funding of our Borrower’s loan request in less than 10 days at an interest rate lower than our initial disclosed estimate in City of Industry, California.