Wildomar, California – The Borrower is currently in the process of building a New Single-Family Residence on the Subject Property and is replacing the very small house that was previously located on the Subject Property. She has been building the new house from her own funds.
The New Single-Family Residence is approximately 60% completed in Wildomar, California.
The proposed $70,000.00 1st Trust Deed Loan is for the sole purpose of completing all construction and additional improvement to the Subject Property, which will increase its Market Value, and further provide for higher monthly rental income to the borrower.
The Subject Property has an Appraised Value of $330,000.00 in Wildomar, California.
The plan of payback is to refinance the Subject Property prior to the maturity date of the proposed $70,000.00 1st Trust Deed Loan.