The Subject Property in Lawndale, California had been in the “Family” for many years, and due to a number of Ownership and/or Financial Claims stemming from “Other” Family Members filing legal challenges that costs our Borrower many tens of thousands of dollars, causing the 1st Trust Deed to initiate a foreclosure proceeding. Prior to contacting our company for financing a Final Settlement was reached between the “Family Members” that resulted in the Legal Court Actions being resolved and the “Lis Pendens” that was recorded against the Subject Property to be released. Lawndale, California
Per Agreement, our Borrower was able to obtain a 100% Ownership interest in the Subject Property with NO further possibility of any more Family legal actions, subject to our Borrower paying the agreed upon monetary amounts.
The Subject Property had an estimated additional 900 Square Feet that was possibly Non-Permitted, and that was rented out to another Auto Repair Business. The Appraiser in his Appraisal Report made note of the possible Non Permitted addition and provided no value for the additional square footage. The plan of payback is to allow the required time frame to pay timely monthly mortgage, which will allow our Borrower to obtain either an SBA Owner User refinance loan from an Institutional Bank or obtain “Other” type financing, which will provide them a lower interest rate. Lawndale, California
This loan was very difficult to structure and further obtain a commitment from an Investor to fund the loan, but we persisted and we funded a loan that provided our Borrower all the required funds to pay off all the “Family Members”.