Hemet, California Our Borrower was purchasing the Subject Property for $129,000.00 in Hemet, California, where he was intending on putting in $24,000.00 as a down payment, in additional to funds to cover all necessary closing costs.
The LTV for the loan was 63% relative to the Subject Property’s Appraised Value, but was 81% LTV relative to the purchase price.
Our Borrower intended to invest an additional $27,000.00 to cover the costs of repairs and improvements to the Subject Property. Hemet, California
Our company had many prior opportunities to have arranged purchase financing for our Borrower, and he was well known by many of our company’s Investors who all had great outcomes from funding our Borrower’s prior loan requests.
As such, we had many Investors who were willing to fund his requested $105,000.00 1st Trust Deed Loan at 10.99 with a “12” month term for our Borrower.
When our Borrower later sold the Subject Property he made a really great profit in Hemet, California.