1st Trust Deed Investment

The following is a summary of the property and the borrower for a 1st Deed of Trust:

Amount of New 1st Trust Deed: $60,000
Payment: $ 631.93
Amortized over: 300 months, balloon payment in 5 years
Interest rate: 12%
First payment: July 1, 2010

I will consider 2 Investors that would receive the following:

Minimum Investment Required: $30,000
Payment: $ 315.96

Existing Loan:

Owner has owned the property for 30 years and has 1 payment left on the original loan.

Property:

Location: Santee, CA
House: 2 BR/2 BA, 1,000 square feet, built 1979, good condition
Lot: Condo

Borrower:

Lived in home: owned home for 30 years. He bought another house 20 years ago and turned it into a rental. Has a long time renter.
Occupation: Fire Captain for San Diego Fire Department
Income: Income of over $16K/month
Length of time on job: 21+ years
Credit Score: 662

Reason for loan:

Client put the property into a Family trust a few years ago. With new, stiffer regulations in conventional financing, he has to pull himself out of the Trust and have it season for 6-12 months before he can get conventional financing.

There is a lot of equity in the home and this would be considered a safe investment even in the current real estate climate. The client will probably be refinancing in about 12-24 months.

For more information contact: Wade at 760-643-4152 or wtompson@ix.netcom.com