San Bernadino, California Funded Loan
Property Type: Single Family Residence-Fix & Flip Investment
Lien Position: 1st Trust Deed
Loan Amount: $367,500.00
Appraised Value: $525,000.00
Loan Rate: 10.99%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only
San Bernadino, California – Our client, purchased the Subject Property in San Bernadino, California with the intention of Fixing & Flipping the Subject Property. The borrower is an active real estate investor in addition to also being a Real Estate Broker. Our company has arranged and funded many loans for the client over the last “8” years.
The client buys, Fixes and Flips properties……. but at times retains some of the properties he purchases as rentals. The borrower is purchasing the Subject Property for $525,000.00. The client is putting in $157,500.00 as a down payment. He will also deposit all additional necessary funds to cover the closing costs. San Bernadino, California
The borrower is intending to add an additional bedroom and bath, a New Garage and a complete upgrade of the Subject Property in San Bernadino, California.
The borrower is anticipating investing approximately $60,000.00 of his own funds to complete all upgrades and improvements to the Subject Property.
After all upgrades and improvements have been made to the Subject Property Mr. Mendoza anticipates selling the property for approximately $700,000.00.
The property improvements and upgrades that the borrower will be making to the Subject Property will further increase the Subject Property’s value and thus lower the LTV for the proposed loan. San Bernadino, California.
While many Fix & Flip investors operate on a shoestring, the borrower is well capitalized and is very conservative and has a very focused business plan. They consistently makes a very good profit on every transaction he has been involved with over the last “8” years.
We believe that the loan for $367,500.00 had many strong points.
Our residential hard money loans are designed to assist borrowers obtain real estate financing especially after their home loan applications have been declined by the banks due to credit or income issues. Our loans are flexible on income and credit, and based on property equity.