San Bernardino, California Funded Loan
San Bernardino, California
Property Type: Church
Lien Position: 1st Trust Deed
Loan Amount: $380,000.00
Appraised Value: $950,000.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 36 Months Interest Only
San Bernardino, California – Our Clients were looking to obtain a $380,000.00 1st Trust Deed Loan against the Commercial Church Structure that they both own and operate.
The “Back Story” on Mr. & Mrs. Smith that has led up to today is as follows:
Back in 2016 a “Uninvited Person” made the unilateral decision to climb over the backyard wall at the personal residence of our clients and subsequently the Pitbull Family Pet immediately defended the Family Residence by attaching and biting the Uninvited Person.
The Uninvited Person sustained some injuries from the event, but none that were life threating.
The Uninvited Person further sued our clients in the San Bernardino County Superior Court which resulted in an unbelievable Judgment amount on April 2017 of $500,000.00+
The Hazard Insurance company that insured the borrowers house only paid approximately $55,000.00 toward the Judgment., which left approximately $500,000.00 + in San Bernardino, California.
The clients consulted with a Bankruptcy Attorney, and she determined that the best choice was for the borrower to file a Ch 13 Bankruptcy as a possible solution, since the amount of the Judgment and the pressure that the Judgment Creditor was putting on our clients would lead to their financial demise.
The Attorney arranged to have a “Court Stipulation” to accept $50,000.00 as payment in full signed by the Judgment Creditor and entered into the court records, and further filed all the required Motion to Refinance with supporting documents the Subject Property with the Court.
The $50,000.00 payment in full to the Judgment Creditor will completely change their lives and where they will no longer be under the threat of financial ruin.
On June 2022, the Bankruptcy Court Judge signed the Court Order to Refinance” and entered into the Court Records that allows our clients and our company to proceed forward with the requested 1st Trust Deed Loan. We’re including the Court Order that states the specifics.
The Specifics of the “Order to Refinance” provides for the payment in full of the Liens recorded against the Subject Property, and the payment of $56,000.00 to the Ch 13 Trustee at close of Escrow.
The Ch 13 Trustee will distribute the necessary funds due each respective Creditor and once done the Bankruptcy Court will Discharge the borrowers from Bankruptcy.
Following the closing of the Proposed 1st Trust Deed Loan the borrowers will be current on their personal residence loan and will only owe Student Loans in the Estimate amount of $34,164.00.
Our clients both have good jobs and make approximately $13,650.00 per month in addition to the Church generating approximately $9,000.00 to $10,000.00 per month