Ventura, California – Our Borrower was 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 Subject Property, but where the $25,576.00 monthly payment is too high.
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.
The Subject Property was initially purchased by our Borrower’s Uncle in 1997, and since that time has run and operated a Uniform Business from the Subject Property. Our Borrower was planning to continue to operate the Uniform business from the Subject Property location following the closing of the proposed loan. Ventura, California
The Subject Property was in the city of Ventura, California which had demonstrated solid economic growth together with increasing property values. Since our Borrower was looking to obtain financing on a commercial property that was currently generating monthly income that would easily cover our Investor’s monthly mortgage payment together was all “Other” property expenses. Ventura, California
The anticipated LTV (Loan to Value) for the proposed $295,000.00 1st Trust Deed represented only 50% of the Subject Property’s value. Due the the strength of our Borrower’s loan request we had no problem arranging and funding the requested loan at 10% for our Borrower. Ventura, California.
$295,000.00 1st Trust Deed Hard Money Loan at 10% in Ventura, California. Pay off Existing 1st Trust Deed and cash out to the Borrower.