{"id":1170,"date":"2018-10-23T11:55:50","date_gmt":"2018-10-23T18:55:50","guid":{"rendered":"http:\/\/privatemoneysource.com\/broker-blog\/?p=1170"},"modified":"2018-10-23T11:55:50","modified_gmt":"2018-10-23T18:55:50","slug":"sample-loan","status":"publish","type":"post","link":"https:\/\/privatemoneysource.com\/broker-blog\/?p=1170","title":{"rendered":"Sample loan"},"content":{"rendered":"

Clay Sparkman<\/em>
\nHere is an example of a loan that we recently placed. We like to give samples from time to time.\u00a0 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 format for presenting new loans.
\n<\/em><\/p>\n

<\/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>
\nPurchase and rehab of Single-family residence in xxxxxx, OR
\nLoan Details<\/span><\/strong><\/p>\n

    \n
  1. Loan Amount: $240,000<\/li>\n
  2. Term: 1 year<\/li>\n
  3. Interest Rate: 11%<\/li>\n
  4. Monthly Payments: $2,200 Interest Only<\/li>\n
  5. Security:\u00a0 Deed of Trust in 1st Position security interest in real property located at xxxxxxxxxxxxxxxxxxxxxxxx<\/li>\n
  6. Projected Value of property by Borrower\u2019s estimate based on recent comps:\u00a0 $360-$375,000<\/li>\n
  7. Projected LTV by Borrower\u2019s estimate based on recent comps: 64% – 67%<\/li>\n<\/ol>\n

    Loan Overview<\/span><\/strong>
    \nxxxxxxxxxxxxxxxxxxxx are purchasing this property through their LLC, xxxxxxxxxxxxxx, LLC, and are requesting this loan for the purchase and rehab of the property.\u00a0 xxxxxxx is an experienced realtor, and she and her husband xxxxxxx are experienced real estate investors.\u00a0 xxxxxxx is a realtor that I\u2019ve used personally, and I\u2019ve referred her to several of our borrowers and lenders to sell their houses.\u00a0 In addition, Fairfield has used xxxxxxx for valuations on a number of properties that were used as collateral for our loans. After the renovation, they intend to rent this house for $1,500\/month. They will be putting approx. 43,000 down toward this purchase, and 30K will be held back for the renovations.
    \nEventually, they plan to build a 700sf ADU on site, and rent that out for an additional $1,500\/month. \u00a0They intend to use their HELOC for the construction funds on the ADU; that would not be a part of this loan.\u00a0 Ultimately, they plan to refi this property and hold it as a rental.\u00a0 However, they are prepared to sell the property should they be unable to refi.
    \nProperty<\/span><\/strong>
    \nThe property has a 924sf home with a large shop on approx .1\/3 acre.\u00a0 It is a 2-bedroom, one-bathroom home, and photos of the property have been provided in the packet for your review. The listing can also be viewed here: xxxxxxxxxxxxxxxxxx. The listing can also be viewed in the packet as part of the comps that have been provided by the borrower.
    \nA construction budget has also been provided in the packet.\u00a0 xxxxxxx and xxxxxxx plan to do as much of this work as possible.\u00a0 Xxxxxxxx is in the process of getting her General Contractor\u2019s license, and plans to get that prior to building the ADU.\u00a0 They have also included a resume of relevant experience.
    \n <\/span><\/strong>
    \nValuation<\/span><\/strong>
    \nxxxxxxx has provided a CMA as well as a written Comp value Analysis explaining the logic used in her valuation. This has been provided in the packet for your review. Ultimately, they estimate the projected value of the property to be in the range of $360,000-$375,000
    \n <\/span><\/strong>
    \nIncome<\/span><\/strong>
    \nA Commercial application has been provided by the borrower with both xxxxxxx and xxxxxxx\u2019x financials, as they will be personally guaranteeing the loan.\u00a0 They report a combined income of $190,899, and a net worth of $513,918.
    \nCredit<\/span><\/strong>
    \nThe borrowers have also provided their own credit reports, which are included in the packet. xxxxxxx has a mid-credit score of 697, and xxxxxxx has a mid-credit score of 619.\u00a0 These reports have been provided in the packet for your review.
    \n<\/em> <\/em><\/div>\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.\u00a0 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 format for presenting new loans. Kristopher […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[19,20,25,26],"tags":[33,37,38,39,42,43,46,50,53,54,55,56,58,59,61,62,63],"_links":{"self":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/1170"}],"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=1170"}],"version-history":[{"count":0,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=\/wp\/v2\/posts\/1170\/revisions"}],"wp:attachment":[{"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privatemoneysource.com\/broker-blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}