This is a 2nd position loan with two wonderful properties as collateral. 1422 North Highlands is the borrowers business he has owned and operated out of this location for 9 years. The property is estimated at 3 Million and the existing first is only 1.25 M. The other property to be encumbered is 3043 Durand Avenue, Los Angeles, CA. This is worth 3.5 - 4 Million and has an existing first of 1.7M. Conservatively the combined LTV on this deal is 55%. That said, both properties have enough equity to be under 65% LTV by themselves. The loan purpose is to pay taxes and put the down payment on purchasing the adjacent property, 1418 North Highlands.
This process is to reserve your loan. Actual loan purchases will be conducted via bank transfer Dismiss