South Los Angeles, California Funded Limited Income Loan
Property Type: Single Family Residence
Lien Position: 1st Trust Deed
Loan Amount: $200,000.00
Appraised Value: $365,000.00
Loan Rate: 11%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
South Los Angeles, California – Our Client/Borrower, was looking to obtain new $200,000.00 1st Trust Deed on a property that he inherited from his Grandmother in 2012.
The client is intending to make repairs and upgrades to the Subject Property with the intention of renting the Subject Property. The borrower does not live in the Subject Property now nor does he intend to live the in the future.
The long-term plan is for the borrower to obtain a License to operate the Subject Property as a Government paid/subsidized multi occupant property. The client is currently works in the Government Sponsored/Subsidized where he assists “other” property owner with multi-resident sponsored/Subsidized housing. The Subject Property has a $4,500.00 per month projected monthly income once the Subject Property obtains Multi-Resident License Status.
The Subject Property is 1,647 Square Feet with “3” Bedrooms and “2” Baths. Our Appraiser has indicated that the Public Records listing the bedroom and bathroom count is incorrect. South Los Angeles, California.
The Subject Property has a projected monthly rental value of $2,300.00, based on the correct bedroom and bathroom count and the due to the size of the property.
We believe that the loan has many strong points. The LTV for the loan is only 54%. The property is located in an area appropriate for Government sponsored housing. The property will be repaired and upgraded, and which will further increase its value. The Trust Deed Investment has a good rate of return with very little risk
The plan of payback is to refinance with a Sub-Prime loan prior to the maturity date. South Los Angeles, California