Our Client/Borrower, is seeking a new $334,000.00 1st Trust Deed Loan on his Vacant Commercial Lot which is south of Downtown Los Angeles, California and is rented to “2” Tenants.
The borrower got “Talked Into” investing in some “Business Deal” in Africa that his Mother who lives in Africa informed him about……………. suffice to say the “Business Deal” is NOT going as planned, and the client needs to payback the people who he Borrowed some of the funds from immediately.
The Current Estimated Payoffs for the Liens recorded against the Subject Property are as follows:
1st TD Loan: $201,500.00
2nd TD Loan: $ 80,000.00 The borrower initially borrower $40K but obtained a later Advance
Other Owing: $ 7,900.00 This Lien was Not recorded, but is NOW due
State Tax Lien: $ 2,338.80 Taxes owing on the borrower Business
The client is requesting $22,000.00 in “Cash Out Funds” at the close of Escrow.
The borrower is a Licensed Contractor and is back from Africa and is now working full time in his Contracting Business……….we’re providing his Business Bank Statements that show large deposits.
The Current Appraisal Report contains a Google Maps Photo that is over a year old and shows a bunch of cars stored on the Subject Property, but they have all since been moved. We’re planning on going to the Subject Property to take Photos showing the Subject Property Vacant in Los Angeles, California.
We’re providing prior photos that shows the Subject Property Vacant, which it is today.
The plan of payback is to either refinance or list and sell the Subject Property prior to the maturity date of the proposed loan.
We believe that the loan has many strong points.
18034 Ventura Blvd Suite 244
Encino, California 91316