Mid City Los Angeles, California Funded Hard Money Loan
Property Type: Tri-Plex
Lien Position: 1st Trust Deed
Loan Amount: $300,000.00
Appraised Value: $500,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
Mid City Los Angeles, California – Our Client, is a Doctor and is the Administrator of the Estate where he is the sole Beneficiary to all the assets to the Estate.
He is a medical doctor and currently runs a concussion treatment center in Los Angeles, California and is looking for expansion capital for his treatment center which has been awarded contracts from the NFL (National Football League) to provide concussion treatment to past and current NFL players as part of the nearly billion-dollar NFL lawsuit settlement that has been in the news lately. Mid City Los Angeles, California
The property is a Triplex and is currently in the name of The Estate. The Probate will be scheduled for final distribution in 2016, but due to necessity Dr. is looking to obtain the funds sooner to expand his treatment center to accommodate the expected increase in patients as a result of his NFL arrangement.
The property’s monthly rental income will be sufficient to pay the monthly mortgage payment in addition to the related property operating expenses.
The borrower is a business owner and has been determined to be a strong Borrower for the loan he has requested from our company.
He has owned a very nice home in Playa Del Ray for over 20 years.
We believe that the loan had many strong points. The LTV for the loan is only 59%. Strickland is a strong Borrower. The property is located in a sold rental area. The property is well cared for and is in very good condition. The Trust Deed Investment has a good rate of return with very little risk in Mid City Los Angeles, California.
The plan of payback is to either refinance the loan prior to maturity, pay the loan off from business profits or to sell the property prior to the maturity of the loan.