Seeking a loan secured by first lien mortage note.
The property is a Manufactured home on a corner lot, 1,890 Square feet It has central Heat and Air-conditioning systems and all appliances. This property has 3 bedrooms, 2 bath. Located in Spring Branch, Texas
The loan will be secured by the 1-st deed of trust on the property. Borrower will be Gem Rentals LLC. Company is five years old, owner has 32 years real estate investing experience.
The loan terms requested are:
Amount: $ 60,000
Interest rate: 8% per annum
Term: 5 years
Payments: $ 400 mo (interest only)
With $60,000 secured by the 1-st lien and an estimated value of the property in the range of $85,000-$98,000 the Loan-To-Value on this financing is going to be in the 61%-71%, which presents a reasonably well secured investment.
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