Mission Hills, California Funded Hard Money Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $200,000.00
Appraised Value: $425,000.00
LTV: 47%
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “36” Months Interest Only
Our Borrowers in Mission Hills, California were introduced to our company by their Mortgage Broker when they were in need of FAST CASH, but didn’t have the time to try to get a loan from their bank.
They had an opportunity to purchase a great real estate deal, but only had 10 days, and had to pay all cash. The Borrowers wanted to borrow the funds on their Free & Clear Mission Hills, California rental property.
The borrower is intending to make repairs and upgrades to the Subject Property with the intention of renting the Subject Property. Our client does not live in the Subject Property now nor does he intend to live the in the future.
The Borrowers had bank quality credit and income and owned a number of investment rental properties. Since the Subject Property had so much equity it was very easy for us to arrange the requested loan, and they were able to get their Great Deal.
The long-term plan is for the borrower to obtain a License to operate the Subject Property as a Government paid/subsidized multi occupant property. Our client currently works in the Government Sponsored/Subsidized where he assists “other” property owner with multi-resident sponsored/Subsidized housing. The Subject Property has a $4,500.00 per month projected monthly income once the Subject Property obtains Multi-Resident License Status.