A hard money Working Capital loan closed on an SFR in Adelanto, CA 92301.
The loan provided Working Capital funds to a seasoned real estate investor to use towards the purchase, of additional real estate for investment. The subject property was income producing and existing rent covered debt service/PITI. Adelanto is a city in San Bernardino County, California, United States and was founded in 1915 by E. H. Richardson, the inventor of what became the Hotpoint Electric Iron. He sold his patent and purchased land for $75,000. He had planned to develop one of the first master planned communities in Southern California. Adelanto continued as a “community services district” until 1970, when the city incorporated, and Adelanto became San Bernardino County’s smallest city. The city became a charter city in November 1992. Source: City of Adelanto.
Here are the loan details:
- Residential SFR
- Purpose – Working Capital
- Loan-to-Value (As Is) – 60%
- First Trust Deed
- 60 Month Term
- Principal & Interest Payments
- San Bernardino County, CALIFORNIA
- PRINCIPAL AMOUNT: $117,000.00
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