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$200,000 2nd Trust Deed 80% CLTV in Souther CA DN#1744
Executive Summary $200,000 2nd Trust Deed loan amount requested. $1,232,800 existing liens on 3 properties; 80% CLTV --All 3 properties are Located in San Diego, CA --Wants a 2nd mortgage to be blanketed on all 3 properties Purpose of cash out: To Recoup the money spent on repairing the properties that he borrowed against his life insurance. His goal is to get a mortgage instead of borrow against his life insurance so that he can get an income tax deduction. Compensating Factors: --There is $547,200 in equity in these 3 properties that you are blanketing --The borrower makes more than $500,000 per year --The borrower has a 757 FICO score --He has over $1,200,000 in his IRA account. He can´┐Ż??t pull out any funds from the IRA without getting hit with a 10% tax. But when he turns 59.5, which is in May of 2018 then those funds would be available to repay the loan if necessary. --At 15% interest he is still in a better situation because now he has the tax write off. --You can tell the borrower is committed to maintaining the properties in good shape because he spent $140,000 to fix up his properties. Wants a term of 2 years. Exit strategy: Pay off with own income or IRA This is a controlled and reasonable risk for a very good return.
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