FUNDED!

LOAN: #7458

SUBJECT PROPERTY: 235 Dr. Martin Luther King Jr. Blvd, Bakersfield, CA 93307

APPRAISED VALUE: $93,000.00 (view appraisal)

PURCHASE PRICE: $81,000.00

LOAN TERMS

LOAN AMOUNT: $56,700.00

POSITION: 1st

INTEREST: 11%

TERM: 36 mos

LTV: 70% of purchase price/61% of appraised value

There is a late charge of 10% of the payment (after 10 days)

There is no prepayment penalty on this loan

This loan contains a balloon payment

SPECIFICS: Two of the four units in this complex are currently rented for $600 ea per month.  Our borrower is purchasing the subject property as an investment, and will be performing rehab work before marketing the other two units for rent at $650 each.  We are withholding $2500 in funds until roof repairs have been completed.  The borrower is putting 30% down and paying all closing costs; his funds have already been deposited into escrow.

Information Subject to Change