Real estate investor and full-time wage earner employee sought a cash-out 1st TD on this Lancaster SFR in LA County.  Funds from our loan were used to payoff a 1st & 2nd TD as well as cash-out to make minor updates to the same property.

The subject property was a traditional style single story SFR sitting on a large 40,174 SF lot (just under 1 acre) which is typical for the area.  The home itself was 1,322 SF with 6 total rooms and 3 BR/2 BA.  The subject featured a fireplace, patio, dining room and living room. Schools, shopping, recreation, entertainment and medical facilities were all nearby.  Current rental income was $1,300/month.  Exit strategy from this loan will be a conventional refinance.

This loan was a 65.00% LTV on the BPO value of $220,000.  Loan structure featured 6 months’ guaranteed interest, 6 months’ prepaid interest and 9.50% annualized return.  Minimum investment was $37,750 or 25%.

Recent Funding in Lancaster, CA: $143,000 1st TD @ 9.50%, 65.00% LTV, SFR, NOO, 24 Mos. Term