Successful real estate investor and 20 + years in business owner of “Taco Fiesta” sought a 1st Trust Deed cash out refinance loan on this commercial property in San Diego, San Diego County, CA. The purpose of this loan is to pay off a small, existing and in good standing $20K 1st TD and the balance will be used to clear up old tax liens through escrow to become current. Exit strategy: Commercial Refinance
The subject property is a single-story freestanding restaurant building (known and operated as Taco Fiesta) with high visibility sitting on a busy intersection of University Ave. and Winona Street in San Diego, CA, east of downtown. The subject property is configured to house a single user and is 100% owner occupied. The subject property is designed for restaurant use and offers a full-service kitchen, covered patio (with seating), an ordering cashiers counter window, a storage room, and security / fire alarm system. Onsite parking consists of 8 asphalt paved parking spaces available on University Avenue. The subject property is very well located east of downtown San Diego. The subject property sits on a commercial-industrial street that offers 4 asphalt-paved lanes and is designed with adequate considerations for utility and functional factors related to tenancy. The subject property is centrally located between the 15, 8 and 805 FWYs. Borrower nets $37K a month from this subject property and catering business to be able to service this debt.
What we like about this Trust Deed opportunity:
- 20 years in Business Owner of “Taco Fiesta” and real estate investor
- $354,000 in Gross Investor Equity Protection
- 11.50% Annualized Return
- 49.43% LTV / 44.61% Net LTV on Newly Appraised Value
- 6 months Guaranteed Interest
- 9 months Prepaid Interest
