Perris, California – Our returning Fix and Flip Borrower purchased the Subject Property for CASH in Perris, California. He paid $135,000.00 and contacted our company wishes to pull back funds in order to make additional investment purchases. The estimated Appraised Value of the Subject Property was $165,000.00.
Our borrower buys, Fixes and Flips properties……. but at times retains some of the properties he purchases as rentals. Our client was looking to obtain a loan that will provide him more than enough cash to completely renovate and upgrade the Subject Property.
The LTV for the loan is only 49%. The Borrower has a FICO score of 630. The property is located in both a strong rental and sales area. The property will go through upgrades & improvements that will increase its market value. The Trust Deed Investment has a good rate of return with very little risk
The property improvements and upgrades that our Borrower was intending to make would further increase the Subject Property’s value over $200,000.00 and thus lower the LTV of the proposed loan. Perris, California
Our Borrower intended to invest approximately $20,000.00 in improvements and upgrades and further was further looking to sell the Subject Property for approximately $210,000.00 within a few months.
Since a number of our company’s Investors had funded loans for our Borrower on earlier transactions we were able to line up the funds in less than a week, so our Borrower was able to move forward and close on the property purchase in Perris, California.
The plan of payback is to either sell the property or possibly to retain as a rental property in which a refinance of the loan will take place prior to the maturity of the loan. Perris, California.
$80,000.00 1st Hard Money Loan at 10.99% Perris, California, where our Borrower made a very good profit when he later sold the Property