El Monte, California Funded Loan
El Monte, California
Property Type: “3” House Courtyard
Lien Position: 1st Trust Deed
Loan Amount: $458,500.00
Appraised Value: $750,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 24 Months Interest Only
Our Clients, had a great opportunity to immediately purchase a Tri-Plex property from a person they know at a great price, where the Subject Property is located on the same street as one of our clients residence in El Monte, California.
The borrower and his son plan to invest immediately following the close of escrow approximately $50,000.00 to $60,000.00 in “Repairs & Upgrades” to the Subject Property in El Monte, California.
Currently the plan is to sell the Subject property for an anticipated substantial profit, but the borrower has also stated that he might keep the Subject Property as an additional Investment rental property.
The plan of paying back the Proposed $458,500.00 1st Trust Deed Loan is to either sell the Subject Property or refinance the proposed loan prior to the maturity date.
We believe that the proposed $458,500.0 1st Trust Deed Loan has many strong points.
We also don’t ask borrowers to jump through hoops searching for tax returns and associated documentation to prove income.
We make it as easy as possible for borrowers to get a residential hard money loan in Los Angeles. We base our mortgage loans on the equity borrowers have in their properties, so borrowers won’t have the same bad experience they’ve had in the past with institutional lenders.
We always try to make the residential hard money loan process as easy and pleasant as possible.