Edgemont, California Our Borrower was a very active buyer of Fix and Flip properties. Our Borrower was purchasing the Subject Property for $175,500.00 and was putting in $43,875.00 as a down payment. He also planned to deposit additional necessary funds to cover ALL closing costs. The LTV for the loan was 64% relative to the Subject Property’s Appraised Value.
Our Borrower intended to invest approximately $20,000.00 in improvements and upgrades and further was looking to sell the Subject Property for approximately $250,00.00 or more within a few months. The property improvements and upgrades that our Borrower intended to make to the property would further increase the Subject Property’s value and thus would lower the LTV of the proposed loan. While many Fix & Flip investors operate on a shoestring, our Borrower was well capitalized, was very conservative and had a very focused business plan. He consistently made very good profits on every transaction he had been involved with over the prior “2” years. The plan of payback was to sell the Subject Property following the completion of all rehab and upgrades.
Many of our company’s Investors wanted to fund the requested loan, so we had no problem arranging the $131,625 1st Trust Deed loan at 10.99 for our Borrower. Edgemont, California