San Pedro, California Funded Hard Money Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $150,000.00
Appraised Value: $415,000.00
Loan Rate: 11%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
San Pedro, California – Our Borrower, who was the Uncle of another Borrower where we has funded several loan for him, requested that we arrange a Hard Money Loan for his Uncle to repair the Subject Property and to obtain cash to make repairs to “2” other owned and vacant investment properties. Our Borrower had owned the Subject Property for many years since inheriting the property from his Mother in San Pedro, California . Due to our Borrower developing cardiac problems a number of years ago he was not able to make the needed repair in order to get the property into the condition necessary to lease. The property had sat empty for nearly “10” years.
Our Borrower had under gone heart surgery that greatly improved his health and that allowed him to be able to move forward and fix up his properties.
Due to our Borrower not working, not having sufficient income, having a low FICO Credit Score and further due to the Subject Property being in very bad condition made arranging and structuring financing very difficult.
We were able to arrange the requested loan with some required modifications from our Investor. San Pedro, California
The Investor Modification were as follows:
“6” Months Pre-Paid Payments at the time of loan closing and a $20,000.00 Fund Control Account
Our Borrower was not totally happy about the additional conditions from our Investor, but in the end he understood the logic and agreed to all loan conditions and we moved forward in closing his loan at 11% Interest Only with a “2” year term. San Pedro, California.