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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
This property, located in Los Angeles county, is a mixed use property with one residential unit and two commercial units. The two commercial units are both leased to a single long term tenant. The purpose of this hard money transaction was to pay off an existing, unrecorded loan that was due. The borrower had good credit, and the property generated good cash flow.
Title to this property was held under two different entities, one a partnership and the other an LLC. We consolidated how title was held through this transaction, deeding the partnership off title and keeping the LLC on title as the sole owner. The members of the LLC and the partnership were essentially the same, and keeping title under only the LLC was a simpler way to hold title for the borrower.
This loan was put together as an interest only loan with a low starting rate that increased after three years. After five years a balloon payment will be due. The borrower plans to take this hard money loan out with conventional financing once he has cleared some of the credit issues that precluded him from obtaining bank financing this time around.
Please feel free to contact us should you have a Los Angeles hard money loan request we can help with. We are available Monday through Friday from 9am to 5pm and are always happy to take the time to discuss your specific situation or scenario as well as go over the various alternative financing options that we can provide for you.