Private Money Loan for Renovation in San Fernando Valley
Loan Terms
- Estimated Value: $670,000
- Loan Amount: $65,000
- Details:
We got a call from a borrower whose house burned down. He needed the money to complete the renovation. He already received some money from the insurance company. Unfortunately it was not enough to finish the home in its entirety. He didn’t have that much more work to do at the time he contacted us. Our appraiser went out to the house and appraised the home for $670,000. He already had a $230,000 mortgage in place. He only needed us to loan him an additional $65,000 in order to complete the final touches. All he needed to do was complete his landscaping and hardscape. One of our investors provided him the money in 2nd position. The interest rate provided to him was 10.99% with only a three month prepayment penalty. He finished the work and put the house on the market immediately. He got an offer within the first month. The home is located in the San Fernando Valley in Kagel Canyon.
