Hawaiian Gardens, California Funded Limited Income Loan
Property Type: Condominium
Lien Position: 1st Trust Deed
Loan Amount: $95,000.00
Appraised Value: $206,000.00
Loan Rate: 10.99%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only
Hawaiian Gardens, California – The Borrower, is looking to obtain a new 1st Trust Deed loan on his investment rental condominium that he has owned since 1988.
The Subject Property is Free & Clear except for approximately $15,000.00 in delinquent property taxes that will be paid current at the time of the closing of the new 1st Trust Deed.
The Borrower has had some family obligations that has caused him to become delinquent in several financial obligations. The client has entered into a contract to sell his 7/11 Store for $400,000.00. The terms of the contract provides for the borrower to carry back $80,000.00 of the purchase price. The client will net the balance of the purchase price in cash as his 7/11 business carries no debt.
The borrower has owned the Subject Property since 1988 where it has been a rental property ever since he purchased it 28 years ago. Hawaiian Gardens, California.
The borrowers home is in Cypress and is worth approximately $950,000. His other rental properties including the Subject Property are worth an additional $1,200,000.00.
The monthly rental income for the Subject Property is $1,250.00 per month. The combined PITI (Principal, Interest, Taxes & Insurance) equates to $1,226.00. The monthly rental amount will cover the ongoing monthly expenses of the Subject Property.
We believe that the loan has many strong points. The LTV for the loan is only 46%. The Borrower has owned the Subject Property since 1988. The property is located in a strong rental area. The property is well cared for and is in very good condition. The Borrower has substantial assets and net worth. The Trust Deed Investment has a good rate of return with very little risk
The plan of payback is refinance the loan prior to the loan’s maturity date. Hawaiian Gardens, California.