Huntington Park, California Funded Loan

Property Type: Single Family Residence

Lien Position: 1st Trust Deed

Loan Amount: $120,000.00

Appraised Value: $225,000.00

LTV: 53%

Loan Rate:11%

Loan Type: Investment Purpose

Occupancy: Non-Owner Occupancy

Term: “12”Months Interest Only

Single story tan house located in Huntington Park, California where our company arranged a $120,000.00 1st Trust Deed

The Borrower was the Executor for his Grandmother Estate.  The property he wanted to obtain a Probate Loan for our company was in such terrible condition that we were not even sure we could close this loan request.  We contacted a contractor who did an extensive inspection of the property and provided a property condition report in addition to a construction bid to bring the property up to livable standards.  We worked closely with the Executor, the Estate attorney and the Probate Court in order to obtain the necessary court orders and requirements from our investor relating to funding a property improvement fund. We were able to finally fund and closed the loan and further spent nearly 6 months monitoring the progress of the work on the property.  The property looked great after all work was completed!