Sylmar, California Funded Negative Credit Loan
Property Type: Condominium
Lien Position: 1st Trust Deed
Loan Amount: $295,000.00
Appraised Value: $469,050.00
Loan Rate: 10%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “24” Months Interest Only
Sylmar, California – Our Borrower is looking to obtain a new 1st Trust Deed loan for $295,000.00 to pay off the $250,000.00 loan from his Uncle that he just “Bought Out” of the property, but where the $25,576.00 monthly payment is too high. The loan was written as a fully amortized loan.
The Subject Property was initially purchased by the borrowers Uncle in 1997 and later the borrower Mother came into Title, and since that time has run and operated a Uniform Business from the Subject Property. The Uniform business will continue to operate from the Subject Property location.
The Subject Property is in Sylmar, California which has demonstrated solid economic growth together with increasing property values.
The monthly mortgage payments will be paid from the monthly income generated from the Uniform business.
We believe that the loan has many strong points. The LTV for the loan is only 59%. The property is in a good investment area. 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 Sylmar, California.
The plan of payback is to refinance the proposed $295,000.00 1st Trust Deed loan with an Owner User Business Loan from the SBA (Small Business Administration).
$295,000.00 1st Hard Money Loan at 10% in Sylmar, California. Assisted our Borrower additional funds for her other rental property.