Recently funded deals is updated every week/moth

Recently Funded Loan – Sliverlake, CA


2325 Fargo St - Google Maps - Mozilla Firefox 162016 122941 PM.bmp

 

Property Type: “4” House Courtyard

Lien Position 1st Trust Deed
Loan Amount: $208,000.00
Appraised Value: $1,400,000.00
LTV: 13%
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only

The Borrower was in need of funds for a business opportunity that was presented to the Borrower. The Borrowers had 800 plus FICO scores, great income and owned the property Free & Clear. Due to time constraints they could not get a loan from their back due to time constraints. The property was just great, perfect condition, very desirable and was located on a street in Silverlake that overlooked the lake. The unique courtyard design made the property very charming. The Borrower had great credit and strong income but could not wait the time their big bank quoted them to close their loan. The total time from loan application to funding was just over ‘5” days. This loan is probably the cleanest loan we have seen in years, and oh yes, the Borrowers were thrilled with our service to them.

 

Recently Funded Loan – Encino, CA

Karaboghosian-Appraisal.pdf - Adobe Acrobat Reader DC 162016 121723 PM.bmpKaraboghosian-Appraisal.pdf - Adobe Acrobat Reader DC 162016 121729 PM.bmpProperty Type: Single Family Residence
Lien Position 1st Trust Deed
Loan Amount: $350,000.00
Appraised Value: $570,000.00
LTV: 61%
Loan Rate: 10.00%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only

The Borrower’s family members formally owned the property and were forced to short sale the property several years earlier to an acquaintance under a profit arrangement. The time was running out on the option to re-purchase the property and get the property back “Into the Family”. It was agreed that the best option would be for the Borrower’s Brother to purchase the property as a Non-Owner occupied investment rental property. It was arranged to “Credit” the Borrower the current equity in the property so no additional funds were required to be brought into escrow. Even the closing costs were covered by the new loan. The total time from loan application to funding was just over ‘20” days. Since our company also provides Institutional financing, the plan going forward is to refinance the Borrower into a much better loan prior to the maturity of the just funded loan.

Recently Funded Loan – Los Angeles, CA

Roca 1Roca 2

Property Type: Single Family Residence
Lien Position 1st Trust Deed
Loan Amount: $275,000.00
Appraised Value: $550,000.00
LTV: 50%
Loan Rate: 10.00%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only

The Borrower had requested that our company provide purchase financing a year earlier when he purchased the subject property for a great deal at a short sale intending to do a complete rehab of the property. Following the purchase of the property a family emergency required the Borrower to have to travel to Mexico for a number of months, which caused the project to be put on hold. When the Borrower returned it was determined that additional funds would be needed to complete the total rehab of the subject property. Since the Investor needed the funds back at loan maturity for another commitment, the decision was made to refinance the current 1st Trust Deed with a larger loan that would provide the Borrower the necessary funds to complete the project, The total time from loan application to funding was just over ‘15” days. The timing of the loan and the funds provided from the loan allowed the Borrower to not have any additional delays with the project.

Recently Funded Loan – West Hollywood, CA

Gorbonos 1Gorbonos 2

Property Type: Tri-Plex
Lien Position 1st Trust Deed
Loan Amount: $585,000.00
Appraised Value: $1,000,000.00
LTV: 59%
Loan Rate: 10.75%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 12 Months Interest Only

The Borrower was a U S Citizen but earned almost all of his income in Russia, and was not able to document the income for lending purposes. The Borrower was a very strong borrower, having invested over $2,500,000.00 cash in local real estate in the preceding “24” months. In addition, he had over $1,500,000.00 on deposit in US banks. The property was located in a strong rental area of Hollywood and was being purchased for future development, as the Borrower intended to later develop the property into condos. The total time from loan application to funding was just over ‘25” days. The Realtor who referred the Borrower to our company was leery of the transaction being financed with Private Money, in the end she was very was impressed with our company.

Recently Funded Loan – Studio City, CA

Bucalo PicBucalo PicProperty Type: 4-Plex
Lien Position: 2nd
Loan Amount: $260,000.00
Appraised Value: 1,200,000.00
LTV: 60%
Loan Rate: 12%
Loan Type: Fixed Rate
Occupancy: Non-Owner
Term: 60 Months

When the Borrower contacted our company he owned two 4-Plexes and had a total of “8” loans and liens recorded against the two properties. He had indicated that if he couldn’t “Clean Up” his financial situation he would have to sell one or possibly both of his properties, which he didn’t want to have to do. An impediment to funding the loan was that the Borrower had dedicated more than half of the units as Vacation Rentals, where he didn’t receive traditional rental income. After over “2” months of diligent effort we were able to arrange a new 2nd Trust Deed for $260,000.00 that provided the funds to pay off most of the loans that the Borrower owed. The monthly savings to him was over $2,500.00 per month, suffice to say he was very happy he contacted our company.

Recently Funded Loan – Pasadena, CA

IS1jr88ijefc0j1000000000IS17ixfxlvimok1000000000

Property Type: Single Family Residence
Lien Position 2nd Trust Deed
Loan Amount: $100,000.00
Appraised Value:  $525,000.00
LTV: 60%
Loan Rate: 11%
Loan Type: Business Purpose
Occupancy: Owner Occupied
Term: 36 Months Interest Only
 
 
 

The Borrower needed money as soon as possible to take advantage of a business opportunity relating to his business and he needed it fast.  We were able to structure the loan as a Business Purpose loan secured by the Borrower’s personal residence.  Since there are State and Federal loans regulations relating to lending on a Borrower’s personal residence, complying with our investors lending requirements would be changing.   We were able to comply with all the government requirements and our investors lending requirements and were able to get the Borrower the funds he needed to complete his business transaction.

Recently Funded Loan – Downey, CA

d92bed9a5f6046cf99a2f73f9ba7379f83529b2f451a4dd59acf99ab5246ee7d

Property Type: Light Industrial Building
Lien Position 1st Trust Deed
Loan Amount: $340,000.00
Appraised Value:  $695,000.00
LTV: 48%
Loan Rate: 10.50%
Loan Type: Investment Purpose
Occupancy:  Non-Owner Occupied
Term: 24 Months Interest Only
 
 
 

The Borrower owned several commercial buildings and needed to raise funds for a down payment to close escrow on a small industrial building that he was able to purchase at a very good price.  The subject property that was chose was his light industrial building where he ran his business from.  Since he was not able to prove his income due to being self employed and there not being a tenant paying monthly rent on the chosen subject property, income was a problem.  We were able to obtain bank statements from the Borrower that showed the necessary income to pay the monthly mortgage payment on the loan that the Borrower was looking to obtain. We were able satisfy our investor’s lending requirements and were able to fund the loan in time for him to close escrow on his new building.

 

Recently Funded Loan – North Hollywood, CA

6aa0df91f5f44e2e9673f85a747d75c6c6de097c33c1407586c7f60100695ba7

Property Type: Commercial Building
Lien Position 1st Trust Deed
Loan Amount: $375,000.00
Appraised Value:  $675,000.00
LTV: 55%
Loan Rate: 9.99%
Loan Type: Investment Purpose
Occupancy:  Non-Owner Occupancy
Term: 24 Months Interest Only
 
 
 

The Borrower had purchased the subject property from a person he had known for many years at a great price.  The property was in very bad condition, had a large amount of unpaid property taxes, numerous additional tax liens, court judgments in additional to mortgage liens that also needed to be satisfied.  Our company had the property inspected by a licensed contractor and determined the amount of required work needed to be done along with the related costs.  The loan we funded to the Borrower paid and liens and taxes and provided him the funds to complete the property renovation necessary to rent the property.

Recently Funded Loan – Azusa, CA

streetviewIS1nuho8ljg5570000000000

Property Type: Single Family Residence
Lien Position 1st Trust Deed
Loan Amount: $300,000.00
Appraised Value:  $700,000.00
LTV: 46%
Loan Rate: 9%
Loan Type: Business Purpose
Occupancy:  Non-Owner Occupancy
Term: 24 Months Interest Only
 
 
 
 

The Borrower had inherited several properties from his Grandmother.  One of the properties was her former home that had sat empty for nearly 4 years.  The property was in disrepair and needed substantial work to bring it up to rental or sales standards.  The Borrower wanted to purchase a property in Big Bear, California that was comprised of numerous cabins that could be operated year round as rentals.  He needed the money fast, as there was a very short window of opportunity to purchase the property at the negotiated price.  Our company moved quickly and was able to fund a loan without the necessity of making repairs to the property and allowed the property to remain vacant.

 

Recently Funded Loan – Ojai, CA

l48a6da44-m0xd-w640_h480_q8020_214030762_5_1408029078

Property Type: Single Family Residence
Lien Position 1st Trust Deed
Loan Amount: $200,000.00
Appraised Value:  $550,000.00
LTV: 36%
Loan Rate: 9%
Loan Type: Investment Purpose
Occupancy:  Non-Owner Occupancy
Term: 36 Months Interest Only
 
 

The Borrower had owned a rental property for many years and made the decision to sell the property and take her profits following a long term tenant moving out of the property.  During the escrow period the Borrower became aware of another GREAT real estate deal that had to be purchased prior to the anticipated closing of her sale escrow.  Our subject properly was located in a very nice area of Ojai and our company arranged for an investor to fund her the money she needed to purchase her GRETA deal.  The loan had No Pre-Payment Penalty so she was able to pay the loan off when she closed escrow with no additional costs to her.