Trust Deed Refinance
We just sold a $275,000 2nd Trust Deed Refinance for a wonderful home in a great Tarzana neighborhood. The yield was 10.99% for 1 year, with 6 months interest guaranteed. This loan was very attractive because the area was top notch, and the bones of the house, fantastic. The home’s flaw was that it had not been updated and had been a sanctuary for cats. The exit strategy was for the owners to rehab the home, list and sell it. Prior to listing the home, the borrowers were vacating and letting the contractors redo the interior.
- Loan Request: $275,000
- Combined Loan to Value: 55%
- Rate: 10.99%
- Yield: 10.99%
- Type of Property: SFR
- Term: 1 year
- Interest Guaranty: 6 mos.
- Appraised Value: $950,000
- Condition of Property: Avg
- Rental Income: $3500.00