Our Borrower purchased the subject property in Mentone, California for $170,000.00. The estimated market value of the Subject Property at the time of purchase was $190,000.00, as our Borrower was purchasing the property under the current market value. Our Borrower was looking to put in a down payment in the amount of $51,000.00. Mentone, California
Our Borrower had the necessary funds to finish any required repairs and improvements to the Subject Property. The property improvements and upgrades that our Borrower planned to make to the Subject Property would further increase its value and thus lower the LTV of the proposed loan. Our Borrower intended to invest an additional $15,000.00 in improvements and upgrades and further was looking to sell the Subject Property for approximately $225,000.00 within 5 months from the date of purchase. Mentone, California
Due to all the strong factors with our Borrower’s loan request, we were able to obtain an Investor commitment to fund our Borrower’s $119,000.00 1st Trust Deed Loan at 10.99% in less than “2” weeks.