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
Our Borrower contacted our company in November 2015 looking to obtain approximately $300,000.00 cash out to expand his business, which was a medical related business to enter into a business arrangement with the NFL to assist in the nearly Billion-dollar NFL concussion settlement case agreement.
The property he was looking to borrow against was part of his deceased Uncle’s Estate, where he was the Administrator. We were able to arrange all the required Probate Court documentation to obtain court approval allowing him to sign as Executor on behalf of the Estate. The loan was closed on time and he was able to move forward with his business investment in Mid City Los Angeles, California.