Lakewood, California Funded Loan

Property Type: Single Family Residence

Lien Position: 2nd Trust Deed

Loan Amount: $125,000.00

Appraised Value: $400,000.00

LTV: 47%

Loan Rate: 11.50%

Loan Type: Business Purpose

Occupancy: Non-Owner Occupancy

Term: “24” Months Interest Only

Single story white house located in Lakewood, California where our company arranged a $125,000.00 2nd Trust Deed Hard Money Loan

Our Borrower was in a big hurry to raise $125,000.00 to purchase vacant land at a great price in.  He contacted our company to get a 2nd Trust Deed on his residence in Lakewood, California . Our client was self-employed and it was difficult for him to prove all his income to qualify for a loan.  Since the loan he was obtaining was a Business Purpose Loan our company was able to get around the restrictive consumer lending requirements in Lakewood, California.  Half way through the loan process we discovered that in realty his Brother was the Trustee to the trust that owned the property. Since our client’s Brother lived in Washington State it became necessary to send the loan and closing documents to his Brother to have notarized in Washington State.  Even with the unexpected logistical delays our company was still able to get everything worked out and fund the loan in time for our client to close escrow on his GREAT deal.