El Monte, California Funded Loan
El Monte, California
Property Type: “4” Unit Residential -Investment Rental
Lien Position: 2nd Trust Deed
Loan Amount: $215,000.00
Appraised Value: $850,000.00
Loan Rate: 11%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 24 Months Interest Only
El Monte, California – Our Client, has a great opportunity to immediately purchase a Tri-Plex property, and since the client doesn’t currently have the funds for the Down Payment, he is looking to obtain the Down Payment funds as a 2nd Trust Deed Loan on his rental Tri-Plex in El Monte, California.
The borrower had informed us that the combined monthly rental from all four units is: $5,075.00.
The Proposed monthly Expenses that includes the new 2nd Trust Deed Loan are as follows:
1st Trust Deed Loan Payment: $1,709.61
2nd Trust Deed Loan Payment: $1,970.83
Property Taxes: Impounded in the 1st Trust Deed Payment
Hazard Insurance: Impounded in the 1st Trust Deed Payment
Total Monthly Expenses: $3,680.44
Since there is currently $5,075.00 in Monthly Rental Income generated by the Subject Property, that after the above listed expenses, there will still be $1,394.56 in positive monthly rental income to our client in El Monte, California.
We believe that the proposed $215,000.00 2nd Trust Deed Loan had many strong points.
Our residential hard money loans are designed to assist borrowers obtain real estate financing especially after their home loan applications have been declined by the banks due to credit or income issues. Our loans are flexible on income and credit, and based on property equity.