{"id":1115,"date":"2017-04-25T11:27:36","date_gmt":"2017-04-25T18:27:36","guid":{"rendered":"http:\/\/privatemoneysource.com\/broker-blog\/?p=1115"},"modified":"2017-04-25T11:27:36","modified_gmt":"2017-04-25T18:27:36","slug":"sample-loan-in-oregon","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/broker-blog\/?p=1115","title":{"rendered":"Sample loan in Oregon"},"content":{"rendered":"

Clay Sparkman<\/em><\/p>\n

Here is an example of a loan that we recently placed. We like to give samples from time to time. Not only does this give borrowers and brokers a better idea of the kinds of things that we do, but it also gives them a nice working template for presenting a loan.
\n<\/em><\/p>\n

Kristopher Gillmore<\/p>\n

Fairfield<\/strong> Financial Services, Inc<\/strong><\/p>\n

3327 SE 50th St, Portland, OR 97006<\/p>\n

Phone (503) 319-7294 \/ Fax (503) 419-4219 \/ E-mail: gillmore@privatemoneysource.com<\/a><\/p>\n

<\/span><\/strong><\/p>\n

REAL ESTATE PROSPECTUS<\/span><\/strong><\/p>\n

<\/span><\/strong>
\nSECURED LOAN<\/span><\/strong>
\nCash out Refi on SFR in Mulino, OR
\nLoan Details<\/span><\/strong><\/p>\n

    \n
  1. Loan Amount: $150,000<\/li>\n
  2. Term: 12 Months<\/li>\n
  3. Interest Rate: 10%<\/li>\n
  4. Monthly Payments: $1,375.00 Interest Only on 15152 Union Mills, Mulino, OR 97042<\/li>\n
  5. 3 Month minimum interest guarantee<\/li>\n
  6. Security:\u00a0 Deed of Trust in 1st Position security interest on 15151<\/li>\n
  7. Current value by Borrower\u2019s opinion based on CMA: $567,390<\/li>\n
  8. Projected LTV by Borrower\u2019s opinion based on CMA: 26%<\/li>\n<\/ol>\n

    Loan Overview<\/span><\/strong>
    \nxxx bought the subject property lot for $65,000 with cash out of pocket, and built a spec house with an approximate cost of $350,000, all with his own cash.
    \nCurrently, xxx is under contract to purchase another house that he intends to rehab and sell.\u00a0 The cost of that house (which will not be collateral on this loan) is $165,000, which xxx is able to cover, but he would have no funds remaining to rehab the house.\u00a0 The purpose of this loan is to provide cash to the borrower so that he will have the funds to renovate that house.
    \nProperty<\/span><\/strong>
    \nThe subject property is 3,300 square feet (the borrower reported 3,300 but the CMA reports 3,000 which was an estimate when the report was done 6 months ago) and sits on .95 acres.\u00a0 There are 4 bedrooms and 3 bathrooms.\u00a0 Currently, The property is approximately 95% complete, needing only the final electrical and Plumbing inspection before he can get a certificate of occupancy.\u00a0 A few photos have been provided by the borrower, but we will be doing a property inspection to take a more comprehensive set.\u00a0 Those photos will be provided after the inspection (early next week).
    \n <\/span><\/strong>
    \nValuation<\/span><\/strong>
    \nThe borrower\u2019s realtor has provided a CMA for a suggested list price $567,390 based on a $\/SF of $189\/SF.\u00a0 However, this shows a square footage of 3,000 and the borrower reports that it\u2019s actually around 3,300.\u00a0 The borrower believes that the home should sell for approx. $600,000, but for the purposes of this report we\u2019ll go with the lower realtor estimate.\u00a0 The CMA has been provided in the packet for your review.
    \nIncome<\/span><\/strong>
    \nA 1003 has been provided by the borrower.\u00a0 xxx owns XYZ Coin and Jewelry, and takes a monthly draw of $1,800 and $12,000 each quarter from another company that he owns.\u00a0 He reports having no debt, and approximately 1,150,000 in real estate.
    \nCredit<\/span><\/strong>
    \nxxx has a mid-credit score of 727.\u00a0 Aside from a credit card with a $252 balance, xxx has no debt or any history of a loan.\u00a0 He did tell me that this is the 1st<\/sup> loan he\u2019s ever gotten in his life.
    \nCheck out our web site for details re our loan criteria, our packaging guidelines, and our process.
    \n    www.privatemoneysource.com<\/span><\/a>
    \nI encourage you to sign up and give it a try. The real estate market is up and rising, and we are just now entering the construction season of 2017–one that I expect to be the best we have had in quite some time.
    \nAll the best in your endeavors, Clay
    \n\u2013 Clay (    clay@privatemoneysource.com<\/a>)
    \nVice President of Fairfield Financial, lending since 1964.\u00a0 Currently targeting loans in Oregon and Washington, with potential to loan in:\u00a0 AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX.\u00a0 To submit a loan to Fairfield Financial for consideration: <\/em>    http:\/\/www.privatemoneysource.com\/loanproposal.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Clay Sparkman Here is an example of a loan that we recently placed. We like to give samples from time to time. Not only does this give borrowers and brokers a better idea of the kinds of things that we do, but it also gives them a nice working template for presenting a loan. Kristopher […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[5,14,15,19],"tags":[38,42,43,44,45,46,53,54,55,56,57,58,61],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/1115"}],"collection":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1115"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/1115\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}