Universal City, California Funded Stated Income Loan
Property Type: Commercial Nigh Club & Single Family Residence
Lien Position: 2nd Trust Deed
Loan Amount: $200,000.00
Appraised Value: $1,700,000.00
LTV: 59%
Loan Rate: 12%
Loan Type: Business Purpose
Occupancy: Non-Owner Occupancy & Owner Occupied
Term: “36” Months Interest Only
Universal City, California – Our client, Son of the family who has owned and operated a Jazz club in Studio City for “46” years. The Borrower is the sole owner of both the Jazz Club in addition to the commercial building where the club has been located for 46 years.
The Borrower is looking to open another music venue, which will be located near Van Nuys. He has informed us that the San Fernando Valley has little to no locations for people to attend concerts in the Valley and as such there is a big demand for the music venue that he intends to open in Van Nuys.
Our client’s new music location will be able to accommodate “200” or more people which will allow him to “book” many bigger and more known music acts that currently can’t be accommodated at the maximum capacity of approximately “100” at The Jazz Club. The Borrower has decades of running The Jazz Club and has an unlimited list of contacts in the music industry that will allow him to “book” music acts that will draw the maximum allowable people to the new music/night club venue.
Our client has more than enough income to pay the additional financing costs relating to the opening of the new music location.
The plan of payback is that the borrower will obtain institutional financing prior to the maturity of the loan.
The Borrower was happy with us and the process of receiving a Real Estate loan from our company
