South El Monte, California Funded Private Equity Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $180,000.00
Appraised Value: $300,000.00
Loan Rate: 9.00%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “36” Months Interest Only
South El Monte, California – Our Borrower had owned the Subject Property for several years following him purchasing it from a “Friend” who carried back a 1st Trust Deed that assisted our Borrower to purchase the Subject Property. Several years following the purchase, the “Friend” needed to have the loan he carried back paid off so he could go purchase another desired property.
Due to our Borrower not having sufficient income documentation, he was not able to obtain financing from the Big Banks. South El Monte, California
When he contacted our company he indicated to us that due to the delay in him trying to obtain bank financing, he needed a loan within “2” weeks, so his “Friend” could move forward with the property he was looking to purchase.
Since the LTV for the proposed loan was only 60% relative to the Subject Property’s Appraised Value, and due to the current monthly rental amount being so much more than the proposed mortgage payment, we had not problem arranging the funding of our Borrower’s loan request in South El Monte, California.
We arranged the funding a a new $180,000.00 1st Trust Deed Private Equity Loan at 9.00% with a 36″ month term.
Additionally, since the Subject Property was in very good condition and our Borrower just falling short in qualifying with the Big Banks, the loan we arranged for him helped him pay off his “Friend” and proved to be a stepping stone for him to obtain bank financing within a year following the loan we arranged for him in South El Monte, California.