The Borrower is acquiring a 1911 sq. ft. 4-bedroom, 3-bathroom property in La Puente, California for $492,000.
La Puente is a small city located in Los Angeles County.
The Borrower sold two properties resulting in a combined net proceeds of 2 million dollars.
Through the use of a 1031 exchange, the borrower has been reinvesting the proceeds into various purchases of single-family homes across the Southern California area.
Some of the acquired properties are being fixed and flipped for profit while other properties are being rehabbed and held onto for rental income.
For the subject property, the borrower is putting 32% down, bringing the total hard money loan amount to $335,000.
The loan-to-value comes in at 68% which fits our hard money lending criteria.
The buyer plans to renovate the property, lease it to a new tenant and then refinance the home into a low cost conventional bank loan.
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