Monterey Park, California Funded Stated Income Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $310,000.00
Appraised Value: $705,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “12” Months Interest Only
Monterey Park, California – Our client, is looking to purchase the Subject Property for $610,000.00 and intends to put down $300,000.00 through escrow.
The Subject Property is valued at $725,000.00, she negotiated a very good Short Sale purchase price.
The Subject property is single family residence located in Monterey Park California. Monterey Park had under gone a dramatic turnaround over the last 10 years. The Subject Property only needs approximately $10,000.00 in repair and upgrades. The borrower has the necessary funds to make the required repairs. She intends to later sell the property next year.
The proposed monthly loan Payment is $2,518.75
The Borrower has a FICO Credit Score of 735 and received over $20,000.00 in rental income from the rental properties she currently owns. In addition, she has over $100,000.00 in the bank. Our Borrower is both income and credit that would be acceptable to any of the big banks, thus she is a “Bank Quality Borrower”
We believe that the loan has many strong points. The LTV for the loan is only 43%. The Borrower has very good credit and over $100,000.00 in the bank, The property is located in a good area. The property is being purchased far under market. The Trust Deed Investment has a good rate of return with very little risk
The plan of payback is to sell the Subject Property next year. Monterey Park, California
18034 Ventura Blvd Suite 244
Encino, California 91316