Compton, California Funded Stated Income Loan
Property Type: Church
Lien Position: 1st Trust Deed
Loan Amount: $410,000.00
Appraised Value: $760,000.00
Loan Rate: 12%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “60” Months Interest Only
Compton, California – Our Client/Borrower was introduced to our company by their Mortgage Broker when the lender that was currently processing a Private Equity Loan for the purchase of a Church property by a local community church wasn’t able to come through with the loan. We quickly contacted all relevant parties and obtained all the necessary documents, forms and signatures from all parties that allowed us to compile a complete Trust Deed Investment Package that we were then able to present to our company’s Investors. In less then “2” days we had a commitment to fund a $410,000.00 1st Trust Deed loan from an Investor who often funds our Client/Borrower’s loan requests.
The Non-Profit Corporation that was selling the Subject Property was not in “Good Standing” with the State of California, which precluded the Title Company from insuring the Sales Transaction, so the sale and our Borrower’s loan was immediately put On Hold. We immediately contacted both the California Secretary of State and the Department of Business oversight confirming what was needed for the Corporation to regain a “Good Standing” designation, and we then worked diligently arranging that the State of California received all required forms and the past due payments. Compton, California.
We stayed in close contact with the staff at each respective government agency to make sure that the matter was put on a Fast Track process.
In less then “10” days from the day we were first contacted by our Borrower’s Mortgage Broker we were able to overcome a huge obstacle put in our way, and in the end everything worked out, the Subject Property was sold to our Client/Borrower and all parties appeared happy we were involved in the transaction. Compton, California.