Blanket Loan Closed in Clearlake, California

By G. David Lapin On June 16 2023

A hard money loan closed on a single-family dwelling plus a vacant lot in Clearlake, CA.

Subject is in Clearlake a city in Lake County, California, United States. Clearlake is 4.5 miles north-northwest of Lower Lake, at an elevation of 1,417 feet. As of the 2020 census, the city had a total population of 16,685, up from 15,250 in 2010. It takes its name from Clear Lake. Geologists believe that Clear Lake may be the oldest lake in North America, with lakes existing at its site for approximately 2.5 million years. Clear Lake was born when a huge landslide dammed the headwaters of Cold Creek, blocking westward water flow into the Russian River. Water filled the level valley. The rising waters eventually found an outlet in Cache Creek, which drained eastward into the Sacramento River.) Source: Wikipedia & Lake County Marketing and Economic Development Program

Here are the loan details:

This blanket loan provided renovation funds to improve a rental property
Borrower is a seasoned landlord with 20+ SFR’s, and regularly makes property updates and renovations to his portfolio to maximize his ROI.
SFR & Vacant Lot
Blanket Loan – Cash-out
Purpose – Working Capital
Loan-to-Value (ARV) – 48%
First Trust Deed
60 Month Term
Principal and Interest Payments
Lake County, CALIFORNIA
PRINCIPAL AMOUNT: $75,000.00
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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Hanover Mortgage Company is California licensed only. Real Estate Broker – California Department of Real Estate. Broker License #01410448 │ NMLS I.D. Number: 337458. INTEREST RATES CAN CHANGE WITHOUT NOTICE. ASK US FOR CURRENT RATE INFORMATION. BORROWERS AND PROPERTIES MUST QUALIFY. CONDITIONS AND RESTRICTIONS MAY APPLY. Loan programs, amounts, rates and terms are subject to change without notice. Loan approval is not guaranteed and all loan applications are subject to verification of acceptable credit, income, employment, lien position and value of collateral in the sole discretion of Hanover Mortgage Company. Flood and/or property hazard insurance may be required. Additional fees, conditions, restrictions and limitations may apply. Not all programs are available in all areas. The interest rate for adjustable rate mortgage loans is subject to increase. Please contact Hanover Mortgage Company to determine your eligibility for a specific loan product. Hanover Mortgage Company does not offer financing for those transactions defined as ‘Covered Loans’ or ‘High Cost Loans’ in any state or federal law. Hanover Mortgage Company is a Mortgage Broker. Mortgage Broker fees will apply unless stated otherwise. Disclosure: Money invested through a mortgage broker is not guaranteed to earn any interest or return and is not insured. State law dictates that we acknowledge that interest on trust deeds is not guaranteed. No investment is completely risk free and past performance is not a guarantee of future results. Before investing, investors must be provided applicable disclosure documents. Investment Products: Are Not FDIC Insured • Are Not Bank Guaranteed • May Lose Value • Are Not a Deposit • Are Not Insured by Any Federal Government Agency.

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