Picfair Village, California Funded Stated Income Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $280,000.00
Appraised Value: $560,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “36” Months Interest Only
Picfair Village, California – Our client/Borrower owns the Subject property which is a single-family residence located in Picfair Village, California. There is currently a 1st Trust Deed for $150,000.00 recorded against the property which the borrower obtained recently for funds for his photography business.
The borrower is now looking to refinance the existing $150,000.00 1st Trust and obtain a new 1st Trust Deed for $280,000.00 which will provide him approximately $80,000.00 in funds to make his intended upgrades and repairs to his other “4” unit property that is located in Picfair Village, California. Currently the borrower is building a photography studio in a back building on the property that he intends to use for both his business and as rentals to other photographers.
The subject property is currently rented for a total of $2,300.00 per month which will provide enough monthly income to pay the new 1st trust deed’s mortgage payment and the associated taxes, insurance and any other related monthly management expense.
We have been provided an appraisal that is several months old, but our investigation indicates that the property is worth more than the appraised value on the Appraisal Report.
We believe that the loan had many strong points. The LTV for the loan is only 50%. The property is in an up and coming area. The property is well cared for and is in a good condition. The Trust Deed Investment has a good rate of return with very little risk in Picfair Village, California.
The plan of payback is to refinance the loan prior to the maturity date.