A Closed Church Loan In Long Beach, California

By Jo-Ann Lapin On June 16 2023

A hard money loan closed on a Church in Long Beach, CA. This cash-out loan provided working capital for a local religious organization.

Subject is in Long Beach, a coastal city and port in Los Angeles County, California. It is the 42nd-most populous city in the United States, with a population of 466,742 as of 2020. A charter city, Long Beach is the seventh-most populous city in California. Incorporated in 1897, Long Beach lies in Southern California in the southern part of Los Angeles County. Long Beach is approximately 20 miles (32 km) south of downtown Los Angeles and is part of the Gateway Cities region. The Port of Long Beach is the second busiest container port in the United States and is among the world’s largest shipping ports. The city is over an oilfield with minor wells both directly beneath the city as well as offshore. The city is known for its waterfront attractions, including the permanently docked RMS Queen Mary and the Aquarium of the Pacific. Long Beach also hosts the Grand Prix of Long Beach, an IndyCar race and the Long Beach Pride Festival and Parade. California State University, Long Beach, one of the largest universities in California by enrollment, is within the city. Source: Wikipedia

Here are the loan details:

Commercial – Place of Worship
Refinance Loan – Cash-out
Purpose – Working Capital
Loan-to-Value – 20%
First Trust Deed
60 Month Term
Principal and Interest Payments
Los Angeles County, CALIFORNIA
PRINCIPAL AMOUNT: $980,000.00
For more information on our Hard Money Loans or Trust Deed Investments, call our office at 714.838.1474 ext. 102 or visit our:www.hanovermc.com

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