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 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.