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