Santee, California – Our Client, Administrator for the Estate is requesting a 1st Trust Deed on a Free & Clear property. The Subject Property has delinquent property taxes that needs to be paid immediately. The addition net proceeds from the loan will be used to make upgrades and improvements to the Subject Property.
The property is currently occupied by one of her children.
The estimated market value of the Subject Property as per Quantarium Valuation Services is: $384,611.00. We are having a Drive by Appraisal prepared by a licensed Appraiser located in San Diego. We will forward it over as soon as we receive it from the appraisal company. Santee, California.
The Decedent, didn’t pay the Property Taxes for the Subject Property and as such the property faces a possible Tax Auction before the end of the year. This is the primary reason for the loan. The Probate Estate is anticipated to be settled by the middle of next year and at such time the plan to pay the loan back will be to either sell the property or refinance with an institutional lender.
We believe that the loan has many strong points. The LTV for the loan is only 13%. The property is located in a nice bedroom community east of San Diego. The property is well cared for and is in good condition. The Trust Deed Investment has a good rate of return with very little risk in Santee, California.
The plan of payback as stated above is either selling the Subject Property or refinancing with bank financing prior to the loan maturity.
We were able to fund this hard money loan to the Estate in less than 10 days.