This is a Hard Money loan secured by a 2nd trust deed. It’s a Single Family home in West Los Angeles, and is close to Santa Monica. The appraised value is $975K and with an existing 1st mortgage balance of $245K. Therefore, the combined loan-to-value TV for this 2nd TD loan is just 43%.
The Borrower recently inherited the property. He needed the funds to expand her jewelry business. The Borrower plans to sell the property or refinance with a conventional mortgage. He plans to pay the loan within 3 years.