Long-time business owner needed a business purpose cash-out 2nd TD on this Encinitas investment property in San Diego County. Funds from our loan were used to make minor improvements so the borrower can increase rent. Exit strategy from our loan is a conventional refi or a possible sale.
The subject is a 3,342 SF split level duplex with 8 total rooms and 5 BR/2.5 BA on a large 18,726 SF lot with beautiful ocean views from multiple vantage points. The property also features a granny flat and garage converted into a studio. Total monthly rental income on this property is $5,500. The subject is centrally located to the 5 freeway as well as shopping, parks, schools and medical facilities. 1st TD is held by Specialized Loan Servicing at 3.5%.
This loan is 64.47% CLTV on the appraised value of $2.35M.