Property Type: Commercial property operated as a Church
Lien Position: 1st Trust Deed
Loan Amount: $293,000.00
Appraised Value: $540,000.00
Loan Rate: 12%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: “60” Months Interest Only
Willowbrook, California Our Borrower that was a Church in Willowbrook, California and was owned by a Non-Profit Corporation was looking to obtain a new $293,000.00 1st Trust Deed Hard Money Loan in Willowbrook, California to pay off their current 1st Trust Deed Loan due to a pending foreclosure, and to further obtain approximately $10,000.00 in Cash Out. Our Borrower first purchased the Subject Property back in early 2008 for $560,000.00 and had an “11” year ownership track record.
Several members of the congregation who contributed substantial monthly donations moved out of the area, which caused our client’s current financial difficulty. Our Borrower was currently working diligently in community outreach to rebuild the congregation back up to a level that will provide financial support to cover the necessary operating expenses of the church property. Willowbrook, California
The plan of payback was to build up the congregation over the next “12” months to where the National Baptist Organization would provide lower rate Religious financing.
Due to the many negative aspects of the loan request, we were only able to obtain an Investor commitment at a 12% Interest Rate. We were able to arrange a “5” year term that was requested by our Borrower. Willowbrook, California