Son and Mother, Borrower and Co-Borrower, were seeking a Business Purpose Cash-Out to make improvements to the Non-Owner Occupied long time inherited family property and to pay delinquent property taxes.
Free and Clear subject property is a 1 story, single family residence located in Compton. The Property is a 3 bdrm/1 bath home that is approximately 1,223 sf. Property is centrally located between the 110, 710, 105 and 405 fwys. Nearby schools include Davis Middle School, Tibby Elementary School and Washington Elementary School. In addition, the Property is located near local shopping and restaurants.
Recent Transaction – $110,000 Business Purpose, Compton, CA
Self-employed Borrower was seeking a Business Purpose Cash-Out Refinance to complete construction of a duplex in Compton. The funds will be used to payoff an existing loan and complete construction. $30,000 was collected for funds control. Borrower has put over $100K into the construction of the property.
Subject is 80% complete and will be a duplex with one (1) 2 bdrm/1ba unit and one (1) 4 bdrm/2.5 ba unit. Each unit will have its own garage. Property is centrally located west of the 710 FWY, south of the 105 FWY and north of the 91 FWY.
Recent Transaction – $198,000 Business Purpose, Compton, CA