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AD: Debt Relief? Loan / A+ Rating wt Better Business Bureau

Bad Credit Home Loan for $1,000,000 in Los Angeles, CA – Hollywood

Well this is certainly one of the unusual home loan applications that we have received in a while. Essentially this applicant is self financing his own film production and has run out of cash. He has turned to his current lender for further financing who will not loan him any further funds due to his poor performance on meeting the terms of his current home loan.

He has two options; A) refinance his home to obtain additional cash to put into this movie or B) sell a portion of the rights to the film in return for cash to help him finish the movie.  He is reluctant to pursue scenario B since he may have to give up some of the control on the editing and distribution of the movie. This is his baby and he does not want to let it go.

Financing movies is a very specialized area and not many lenders are able to or willing to get involved in this area of business. Consumers with bad credit ratings also have a very difficult time finding lenders to lend them money regardless of what the reason may be. This one is more difficult due to his bad credit rating and the rather large size of this home loan.

Before any decision can be made on this application, the client’s home will need to be appraised and additional information provided concerning his employment and income. If the information provided is accurate and his home is worth more than he is borrowing, some lenders may be interested in approving this loan. This application will take a little time to review and confirm particularly due to the rather large amount of $1,000,000 being discussed.

Bad Credit Home Loan for $1,000,000 in Los Angeles, CA – Hollywood

LOAN INFORMATION

Home/Mortgage Loan Amount :: $1,000,000

Home Loan Application and Processing Speed (when do you need the funds):: we need this loan approved very quickly since our current mortgage company is threatening foreclosure

Do you currently have a mortgage? :: yes, on the current home for $750,000

Bank Name and Branch :: Wells Fargo,S Spring St, Los Angeles,

What City/Town, State and County do you live in? :: Los Angeles , California

Zip ::

What is your employment field? :: 90013

Employment Position :: Film producer for a privately held company in the LA area

When are you paid? (monthly/weekly/biweekly):: monthly

Your credit rating to be – excellent, fair, or bad? :: bad due to problems with payment of monthly payments

How did you find us? :: Searching for companies that will provide financing for mortgages and film production costs.

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck ::$12,000

Do you agree to have this information published online, without your PRIVATE information of course? :: sure as long as the name of my company is not published. I do not want anyone to know that the film I am working on could be in any difficulty

Extra information here please (some detail):: this will seen like a rather strange application for a jumbo loan on a home. I own a very nice home and have borrowed extensively on it to finance a low budget movie that my wife and I have been working on for some time. We are in the final stages of editing. All of the filming is completed, the actors are on their way to other films and now we just need to have the film professionally edited and prepared for distribution. We have great reviews so far and expect that this film property will easily turn a profit. What we have here is a cash flow problem at the moment.

My solution is to borrow further against my home to complete the film and then pay the mortgage off from the profits we expect to make. I did one thing that was really stupid and that was that I stopped paying the mortgage on our home to try and make more cash available for this film. Now the existing lender wants to foreclose and will not entertain any further loans to us. The house has been appraised well beyond a million due to the area that we live in so there is no problem with collateral etc. We are doing everything we can to get this movie to a point where it can be released and begin earning revenue. I own 100% of the rights to this film.

Note to Lender :: my company pays me really well and I can easily afford the monthly payments. My company is not involved in the production of this film. This is something I am doing on the side and using outside resources to complete the filming and editing etc.  My last resort will be to sell a share of this film to my company or to another firm that may be interested in participating in this film.

This is really a last resort since we want to finish this on our own without sacrificing ownership and any control over editing and production. Hope this all makes sense and you can see your way to approving this bad credit home loan.

Category: Home Mortgage Loan APR 2.665% APR 3.2% APR 3.375%
Loan Principal $1,000,000 $1,000,000 $1,000,000
Payment Schedule Monthly Monthly Monthly
Length of Term 15 25 30
Amount to be paid $1,201,197.94 $1,321,316.27 $1,507,363.99
Total interest paid $201,197.94 $321,316.27 $507,636.99
Paid per installment $6,581.91 $5,430.07 $4,130.51