Recently Funded Hard Money Loan in Bakersfield, CA for $159,150

Previous and successful Mortgage Vintage borrower and real estate investor was seeking a $59,150 1st mortgage to renovate and update this property in Bakersfield.  $20,000 of the loan proceeds will be held back in funds control.  After completion of renovation, Borrower intends to sell property.

Subject Property is a non-owner occupied single-story, 3 BR / 2 BA SFR in Bakersfield.  The home has 1,042 sqft of living space and is situated on 6,524 sqft lot.  Subject property is in need of updating and general maintenance.  Subject property is conveniently located near the Golden State HWY, shopping, restaurants, parks, banks and medical offices, as well as, North Beardsley Elementary School and Beardsley Junior High School.

Recent Transaction – $59,150 Business Purpose, Bakersfield, CA

Recent Transaction – $150k in Bakersfield

Fix and rent loan funded in Bakersfield, CA

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Property / Loan Information
Property Type Multi family 6 unit
Lien Position 1st Trust Deed
Trust Deed Amount $150,000
Property Valuation $250,000
Amortization and Term 40 Year amort/due in 2 years
LTV on As Is Valuation 60%
Loan Type Fix and Rent
Occupancy Non-Owner Occupied
Rate for Investor 10%