In February 2018 a Mortgage Broker that works with our company submitted his client’s $100,000.00 loan request from a Borrower who was looking to borrow on his rental property in Victorville, California. We were able to arrange a New $100,000.00 1stTrust Deed that paid off the then due 1st Trust Deed and provided he Borrower additional funds to put toward another investment property.
Our client/Borrower, owns the Subject Property where he owes a “Friend” approximately $27,000.00 on the current 1st Trust Deed loan. He is now wishing to “Pull” funds from the Subject Property to purchase another investment rental property.
The Subject Property is located near the center of town, just off the 15 Freeway and is currently rented for $1,000.00 per month.
The borrower has good credit, where his Middle FICO Score is 698.
His residence is also located in Victorville and his intention is to purchase another single-family rental property in Victorville, since current available rents are high relative to potential purchase prices.
We believe that the loan has many strong points. The LTV for the loan is only 59%. The Borrower has good credit, Middle FICO Score of 698. The property is located in a strong rental and sales area. The property is well cared for and is in very good condition. The Trust Deed Investment has a good rate of return with very little risk
The plan of payback is refinance with an Institutional lender prior to the Maturity date of the proposed loan.