The Subject Property was purchased in Colton, California by our Borrower for $126,800.00. The appraised value of the property was $140,000.00 at the time of purchase, so our Borrower was purchasing the property under the current market value. Our Borrower was intending to put down $38,040.00 as a down payment, and further deposit additional funds at Escrow to cover all closing costs.
Our Borrower had the necessary funds to make all the required repairs and improvements to the Subject Property. The property improvements and upgrades that our Borrower was planning to make to the Subject Property would further increase its value, and thus lower the LTV of the proposed loan for the Investor. Colton, California
Since everything checked out with the proposed loan, we were able to arrange and fund a $88,760.00 1st Trust Deed Loan for our Borrower at 10.99 with a “12” month term. He made a very good profit when he later sold the property in Colton, California.