Mead Valley, California Our Borrower was purchasing the Subject Property for $125,000.00 in Mead Valley, California. Our Borrower was putting in $50,000.00 as a down payment. The Subject Property had an Appraised Value of $150,000.00 at the time of purchase. Our Borrower also intended to deposit all necessary funds to cover the closing costs.
The LTV for the loan was 50% relative to the Subject Property’s Appraised Value. Based on the intended property improvements and upgrades that our Borrower was planned to make to the Subject Property would further increase it’s value up to approximately $200,000.00. Mead Valley, California
Our Borrower invested $20,000.00 to complete all improvements and upgrades, and was further looking to sell the Subject Property for approximately $200,000.00 following the completion of all construction work.
Since our Borrower had a long track record with our company and our company’s Investors, we had many Investors that wanted to fund the loan. In the end we were able to quickly fund the $75,000.00 1st Trust Deed Loan at 10.00 with a “12” month term for our Borrower.