[H. Rick Bamman]
Soskin bought the home at 1001 N. Cherry Valley Road in December through a trust while unemployed. Soskin put down $400,000 and then took out a $450,000 mortgage with Medford Capital LLC, according to court records. The home and property had been appraised for more than $1.6 million, according to court documents.
Medford Capital loans money to people for nonowner occupied residential and commercial real estate deals. Medford "caters to a growing niche of investors, developers, rehabbers, corporations, probate estates and subprime money borrowers who seek specialty financing for real estate property, but due to various circumstances, do not meet the stringent requirements of conventional real estate underwriting guidelines or need access to financing faster than a conventional lending institution can provide," according to its website.
When Soskin took out the mortgage, the company said he agreed that the loan would be used for business purposes only, according to court documents. He also agreed that the property related to the loan was a commercial investment property and not his primary residence.