Crenshaw, California Funded Hard Money Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $355,000.00
Appraised Value: $575,000.00
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
Crenshaw, California – Our Borrower contacted our company again requesting that we refinance the $100,000.00 1st Trust Deed loan that we arranged for him about a year earlier. Our Borrower was in need of funds to purchase another investment property for CASH and he was short of the having all of the necessary funds.
Our client, purchased the Subject Property for $370,000.00 in 2012 under a distressed situation. The client made necessary repairs and property upgrades and has had the Subject Property leased since completing the repairs.
In addition, he owns several other properties where he has substantial equity and strong monthly rental income.
The client has extremely great credit.
The property is currently rented for $2,400.00 per month in Crenshaw, California.
The borrower has both income and credit qualifications to obtain an institutional loan, but due to a great opportunity to purchase another property at a substantial discount that is only available under a short timeframe he is seeking to obtain a Private Equity Loan.
We believe that the loan has many strong points. The LTV for the loan is at 62%. The Borrower has great credit. The property is located in a strong rental and sales area. The property is well cared for and is in very good condition. The Trust Deed Investment has a good rate of return with little to no risk
The plan of payback is to refinance the loan prior to the maturity date where the client will obtain an institutional loan in Crenshaw, California.