Reseda, California – The Borrower purchased the property in 2005 for $600,000.00. The current loan on the property is $390,000.00 and the Borrower needs to pay off the loan as soon as possible.
The Borrower is obtaining a new loan on his rental property in Reseda, California for $245,000.00 with an institutional lender where we are the mortgage broker and where he will net approximately $240,000.00. He needs to raise an additional $130,000.00 in order to pay off in full the $390,000.00 loan secured by the Subject Property.
Half of the subject property is currently rented to another truck sales company. The subject property is comprised of “2” parcels which are as follows: The property has a building structure that is 1,920 Square Feet on a large 25,200 Square foot lot. The total square footage of the combined properties is 50,400. Reseda, California
Half of the property is currently rented for $3,600.00 per month to another truck sales company, where they store trucks on the property. The borrower uses the “Other” side of the property to store his company’s trucks that have not yet been sold or are waiting to be delivered or picked up by the buyer.
The monthly property taxes for the property is $213.23. The monthly hazard insurance for the property averages: $125.00 per month.
The combined PITI (Principal, Interest, Taxes & Insurance) for the property will be: $1,410.73. The property has strong cash flow and will generate far more in income each month than expenses. Reseda, California
The property is located on a main street, Valley Blvd. which is in an industrial area and will have strong cash flow that will make the proposed Trust Deed Investment a good investment.
The Borrower has been in the trucking business for over 30 years and the Borrower’s credit score was a few points below 800………………very great credit.