Sliverlake, California Funded Hard Money Loan
Property Type: “4” House Courtyard
Lien Position: 1st Trust Deed
Loan Amount: $208,000.00
Appraised Value: $1,400,000.00
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only
Silverlake, California The Borrower was in need of funds for a business opportunity that was presented to the Borrower. The Borrowers had 800 plus FICO scores, great income and owned the property Free & Clear. Due to time constraints they could not get a loan from their back due to time constraints. The property was just great, perfect condition, very desirable and was located on a street in Silverlake that overlooked the lake. The unique courtyard design made the property very charming. The Borrower had great credit and strong income but could not wait the time their big bank quoted them to close their loan. The total time from loan application to funding was just over ‘5” days. This loan is probably the cleanest loan we have seen in years, and oh yes, the Borrowers were thrilled with our service to them.
The Borrowers were in need of funds again for a business opportunity and requested that we arrange a $125,000.00 1st Trust Deed for them. About a year earlier we had arranged a $200,000.00 1st Trust Deed that they had paid off. The Borrowers had FICO Credit Scores that were each over 800 , great income and now owned the Subject Property Free & Clear. The property was really nice and in a very desirable location in Silverlake, California and had a lake view.
We had no problem at all arranging the requested loan for our Borrowers, in fact the Investor that funded their prior $200,000.00 1st Trust Deed loan funded their new $125,000.00 1st Trust Deed loan.