Valley Village, California Funded Stated Income Loan
Property Type: Condominium
Lien Position: 1st Trust Deed
Loan Amount: $260,000.00
Appraised Value: $410,000.00
Loan Rate: 12%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “12” Months Interest Only
Valley Village, California – Our Borrower contacted our company AGAIN to request purchase financing on a Valley Village, California condo that she was in escrow purchasing at a very great price. Since she was short on funds at the time, we were able to arrange a ZERO down payment loan by structuring a Cross-Collateral loan against the Subject Property she was purchasing and another condo she already owned in Sylmar. She did have the Fix Up Funds to make all the necessary and desired upgrades and repairs, since the condo was in terrible shape.
Our client, is looking to purchase the Subject Property and is planning on making necessary and desired upgrades following the closing of escrow.
Once all repairs and upgrades are completed, the borrower plans to lease the Subject Property.
The borrower had very good credit, having a FICO Score of 745.
She also owns a number of rental properties and has extensive experience in managing real estate rental properties which provides her monthly cash flow in addition to her business income
The client is purchasing the Subject Property by way of a Short Sale and as such is purchasing the subject property below its current market value.
We believe that the loan has many strong points. The LTV for the loan is only 64%. The Borrower has very good credit. The property is located in a great part of the San Fernando Valley. The property will be improved and upgraded by the Borrower. The Trust Deed Investment has a good rate of return with very little risk
The plan of payback: the Borrower, plans to refinance the purchase loan through an institutional lender after the Subject Property has been fully improved and upgraded and prior to the maturity of the proposed purchase loan. Valley Village, California