Hello Everyone,
I am a new lender and was curious to know how to properly do my “due diligence” on a Private money loan.
I was presented a deal and wanted to know if this was risky or not. Thanks in advance for any replies!
Deal Structure: 30k at 20% 4 weeks ended May 16th, 2024
Funds Needed For: Funds needed to cover short term costs on both single family rehabs and to get current property under contract ready for rent
Details about property:
Property Address: 3556 Sunset Lane Unit 38 San Ysidro, CA 92173
Property Current Appraised Value: 350k
Property Mortgage: None
Property Debt (Current): Heloc @ interest only 195k
Second Position: No current second position
How risky are personal Guarantees?