High Desert ADU Success Story
- $234,750 2nd Trust Deed
- 00% CLTV on After Repair Value
- 50% Lender Rate
- 24-month – ADU Loan
- MVI funded loan in 3 business days
The Subject:
- Address: 39999 Penina Way, Palmdale, CA
- Type: Single Family Residence
- Layout: 4 BR/3 BA
- Condition: Fair
The Scenario:
- Lot not fully utilized, ample space for an ADU
- Seeking passive income by building and then renting the ADU
- This property was in a well established community
The Solution:
- MVI provided an 65% LTV 2nd TD for the borrower to build a 730sf ADU
- Fast close was provided in 3 days so demolition and construction could begin
- With MVI funds secured, the borrower went to work and transformed the property
- Fast Funding Based on Committed Terms, Guaranteed interest for 7 months with Funds Control in place
The Numbers:
- Funds Control: $206,000
- After Repair value: $635,000
- 7 Months Prepaid Interest
- 791 FICO score