Echo Park, California Funded Loan
Property Type: “7″ Unit Apartment Building
Lien Position: 1st Trust Deed
Loan Amount: $300,000.00
Appraised Value: $975,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
Echo Park, California – We were contacted by a Borrower who wanted to finance the purchase of an investment property that was vacant and needed substantial rehabilitation in order to bring the property up a rental condition. The Borrower owned a free and clear “7” unit apartment building in mid city Los Angeles that he wanted to use to raise the funds to close on the deal, but there was a very short window of opportunity to close.
The Borrower had issues of proving income and had some credit issues relating to a partnership break up that resulted in two mortgages being reported being in foreclosure on his credit report. We were able to structure two loans to complete the financing of the new investment property. Echo Park, California.
We funded a loan for $300,000.00 on his Los Angeles “7” unit apartment building to arrange the necessary down payment and later funded a 1st trust deed on the property being purchased for $530,000.00 to complete the purchase within the escrow time frame. Echo Park, California.
The borrowers plan for paying back the loan is to either refinance the loan or sell the property prior to the maturity of the proposed loan in Echo Park, California.
The borrower was very pleased with our service and process in funding his purchase of this investment property.