Wednesday, May 16, 2012

Loan #24 Started

Last week, I took my money from the close of HML #21 and put it to work in a new loan. The new property is a single family home in San Pablo, California. the property was purchased at a foreclosure auction by one of our best clients, who is also personally guaranteeing the loan. The purchase price was $111,600. My partner estimates the current as-is value to be $120,000 and the after repairs value to be $140,000. Our loan is for $74,000, giving us an LTV of 61% of the current value or 53% of the repaired value.


There are a fair number of comps for this property, ranging from $120,000 to $165,000, so our after repair value is smack in the middle of that range.

The property is a 3 bedroom, 1 bath home of 958 square feet. It was built in 1950. It's got a one car garage and sits on a 5,000 square foot lot. My partner's assistant rates the neighborhood as a C-, which is typical for most of the loans we make. He rates the loan safety as a B, given the low LTV ratio.

The exterior appears to be in average condition. There are no readily visible problems with the roof or foundation. The condition of the interior is unknown. There was at least one other bidder at the auction for this property.

2 comments:

  1. A accountable payday text loans financial institution on-line you will save profit past due or maybe overdraft fees as well as preserve unfavorable past due reports off from ones credit file bankruptcy lawyer las vegas savings is simply not sufficient. Take advantage of a great pay day loan financial institution which performs challenging to maintain more than recommendations together with pay day loan purchases. Your potential financial situation depends on maintaining your present spending budget confidently.







    http://www.textloansnoguarantor.co.uk/

    ReplyDelete
  2. Loans for people on benefits to those 18 and over have citizenship of UK service. They do not have to go anywhere to find or return the loan as it can do so by using the online application process. Therefore, it is an appropriate option to arrange money for urgent needs. It will take less than half an hour to complete the online application form with few details.
    http://www.paydayloansking.co.uk/samedayloans.html

    http://www.paydayloansking.co.uk/3monthloans.html

    http://www.paydayloansking.co.uk/12monthloans.html

    http://www.loansforpeopleonbenefitsinuk.co.uk/

    http://quickloans24hrs.co.uk/

    http://www.uk3monthpaydayloanss.co.uk/

    ReplyDelete

 
Copyright © 2012 · Money Loan , All rights reserved | Proudly Powered by