Palm Desert, California Funded Loan

Property Type: Single Family Residence

Lien Position: 1st Trust Deed

Loan Amount: $303,000.00

Appraised Value: $500,000.00

LTV: 60%

Loan Rate: 9%

Loan Type: Investment Purpose

Occupancy: Non-Owner Occupancy

Term: “36” Months Interest Only

Palm Desert, California Single Family Residence

Our Borrower’s Mother owned a very nice home in Palm Desert, California.  She had a Reverse Mortgage recorded against the property and the lender was requiring that the loan be paid off in full following the death of his Mother.  Our client had tried unsuccessfully to get a loan from one of the big banks, but due to the reverse mortgage already being in foreclosure he was not able to get financing anywhere.  He was very skeptical of our company being able to provide the needed financing.  We assured him that the pending foreclosure would not be an impediment to funding a loan for him.  We were able to provide him a loan for $303,000.00 at an interest rate of 9% for “36” months and pay off the Reverse Mortgage loan………problem solved in Palm Desert, California.