Long Beach, California Funded Loan
Long Beach, California
Property Type: Commercial Property
Lien Position: 1st Trust Deed
Loan Amount: $211,000.00
Appraised Value: $360,000.00
Loan Rate: 12%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 24 Months Interest Only
Long Beach, California – Our Client, was requesting a New 1st Trust Deed loan for $211,000.00 on the Subject Property that they own in Long Beach, California.
The Subject Property has 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 client many tens of thousands of dollars, which caused the 1st Trust Deed to initiate a foreclosure proceeding.
As of today’s the client NOW has 100% Ownership interest in the Subject Property with NO further possibility of any more Family legal actions.
ALL Property Taxes are current in Long Beach, California.
The Business is operated at the Subject Property by clients Father, where there is no formal lease agreement between the parties, but where the funds to pay the Monthly Mortgage Payment will be generated.
The Subject Property has an estimated additional 900 Square Feet that is possibly Non-Permitted, that is rented out to another Business. The Appraiser in his Appraisal Report made note of the possibility and provided no value for the additional square footage.