Los Angeles, CA
Hard money loan for the purchase and rehab of a small retail property in the Montecito Heights neighborhood of Los Angeles, close to Dodgers Stadium. The purchase price was $425,000. The Borrower put down 10% cash, Nationwide Mortgage funded the rest of the purchase and provided an additional $150,000 for construction costs. The Borrower plans to sell the property upon completion within 1 year. The estimated after-repair value (ARV) is $930,000 so the loan-to-value is 57%. The interest rate for this 1st trust deed loan is 12% (interest only). This hard money mortgage was funded in February 2015.