Woodland Hills, California – Our client, was looking to obtain a new first trust deed for approximately $200,000.00 on his investment rental condominium that is currently Free & Clear.
The borrower purchased the Subject Property for CASH on July 2013.
The “Other” Investment property where borrower needs the funds for is a Duplex in Hollywood that he just purchased for $756,000.00. The Duplex needs approximately $195,000.00 in necessary repairs and upgrades to make it “Tenant Ready”. The borrower intends to make as much as $250,000.00 in major upgrades to the Hollywood Duplex. He currently have the additional $60,000.00 to invest in the Hollywood Duplex.
The Subject Property Condo is located in the Metropolitan, which is a giant complex that has over 1,275 Units just off the Ventura Freeway on Canoga Avenue in Woodland Hills, California. The complex is “First Rate”, with numerous tennis courts, beautiful swimming pools, a fitness gym, a Clubhouse and very nice and well cared for grounds. Woodland Hills, California.
The borrower has also purchased several other investment properties in the last “3” years, three of the properties are on the same street.
Our client owns investment properties with an estimated current market value of $5.9M with only $1.2M in total mortgage liens, equating to total combined property equity of $4.6M.
The borrower receives approximately $3K in monthly rental income from his rental properties and approximately $25,000.00 per month in business income. As soon as the borrower completes the renovation of the Hollywood Duplex that he just purchased, his monthly net rental income will increase by over $7,000.00 per month.
Based on the Borrower’s substantial real estate investments, his good credit, strong cash flow, very low financial leverage in addition to the subject property being located in a very good area made this potential loan a good Trust Deed Investment in Woodland Hills, California.