Property Type: “2” Single Family Residence on “2” Lots
Lien Position: 1st Trust Deed
Loan Amount: $150,000.00
Appraised Value: $850,000.00
Loan Rate: 9%
Loan Type: Owner Occupied-Investment Purpose
Occupancy: Owner Occupied & Non-Owner Occupancy
Term: “36” Months Interest Only
Our Borrower contacted our company in January 2017 since he was not able to obtain traditional bank financing on the properties he owned in Sun Valley, California, due to the “2” houses he owned side by side, where he was living in one and rented out the other. The properties were on “2” separate legal lots, but one of the lots was in violation of zoning laws that had to resolved before the “2” lots could be separated and sold separately.
We arranged a New $150,000.00 1st Trust Deed that provided him the necessary funds to comply with the city zoning requirements and to get him some additional funds to make desired upgrades to the property.