San Jacinto, California – Our Borrower inherited the Subject Property in San Jacinto, California that was in very bad condition from his Mother following her death. Funds were needed to pay off a small 1st Trust Deed Loan in addition to needed monies to make all necessary repairs and improvements.
Our borrower buys, Fixes and Flips properties……. but at times retains some of the properties he purchases as rentals. Our client is looking to obtain a loan that will provide him more than enough cash to completely renovate and upgrade the Subject Property.
The Subject Property was vacant at the time our Borrower contacted our company, and further our Borrower had no ability to make the monthly mortgage payments prior to the completion of all repairs, and later contracting with a Tenant to lease the property.
The repairs were anticipated to take approximately “4” months, so we arranged to have the first “5” months mortgage payments pre-paid from our Borrower’s Final Net Proceeds, so both our Borrower and our Investor would be satisfied that the all monthly mortgage payments would be paid prior to leasing out the property.
Due the the low LTV we were able to arrange and have funded a new 1st Trust Deed Hard Money Loan at 9% with a “36” month term for our Borrower in San Jacinto, California.