Ontario, California Funded Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $200,000.00
Appraised Value: $325,000.00
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “36” Months Interest Only
Ontario, California – Our Borrower, who holds title under his corporation. They were looking to refinance his rental property. Our client was looking to obtain a new 1st Trust Deed for $150,000.00 from which he intends to pay off in full his current 1st trust deed and to obtain additional investment funds to re-plaster the pool and make several other repairs and upgrades to the Subject Property.
The borrower has owned the Subject Property since purchasing it in 2014 for $170,000.00. He is renting out the Subject Property for $1,625.00 per month which will provide the necessary income to pay the monthly property expenses.
The property is at the end of a Cul de Sac in a nice neighborhood in the bedroom community of Victorville, California which is just up the 15 Freeway north of Ontario, California and the rest of the Inland Empire.
The property is in good condition and will be further improved after our client intended improvements when completed will increase the property’s market value. Ontario, California
We believe that the loan had many strong points. The LTV for the 1st Trust Deed loan is only 60%. The Borrower has been employed by the same employer for “12” years. The property is located on a Cul De Sac in a nice neighborhood. The property is well cared for and is in good condition. The Trust Deed Investment had a good rate of return with very little risk
The borrowers plan for paying back the loan is to either refinance the loan or sell the property prior to the maturity of the proposed loan in Ontario, California.