Lakewood, California Funded Loan
Property Type: Single Family Residence
Lien Position: 2nd Trust Deed
Loan Amount: $125,000.00
Appraised Value: $400,000.00
Loan Rate: 11.50%
Loan Type: Business Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
Lakewood, California – 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.
Westar Lending Group can arrange a private equity or hard money loan that can be used to balance out cash flow for your business throughout the year, to provide additional capital to purchase inventory, to expand the business, to finance desired business projects, to acquire another business, or to complete a joint venture. If the business carries inventory and additional capital is needed to make necessary purchases from wholesale suppliers, we can arrange the money necessary to make the business more profitable.
As is the case for each of our residential hard money loans, our funding decisions are based on the equity in the subject property owned by the borrower or the business. We don’t let negative credit, bad credit or lack of income stand in the way of making your business successful.