North Hollywood, California Funded Private Equity Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $160,000.00
Appraised Value: $550,000.00
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
North Hollywood, California – In January 2017 we were contacted by a person who was an Executor of an Estate and was in need of funds prior to the completion of the Probate court case, which was estimated to be many months away. The property was occupied by a “Hostel” family member who was not cooperating with the Executor and wouldn’t let anyone in the property, including any mortgage companies to inspect the property. We were able to fund a $160,000.00 1st Trust Deed that provided the needed funds. North Hollywood, California.
Our client, obtained the 1st Trust Deed for $160,000.00 on his Free & Clear rental property. The funds are generally intended to be used to perform Pre-Development work, such as Architectural and Engineering work with the intention of getting the City of Los Angeles to approve the construction of a Multi-Unit building on the Subject Property. The client will either development the property himself or sell it to a developer.
Mr. McGlynn is an Attorney and his residence in Sunland only has a $65,000.00 1st Trust Deed owing on it and the property has a current market value of $800,000.00.
We believe that the loan has many strong points. North Hollywood, California