Experienced real estate investor, developer and existing Mortgage Vintage borrower sought a Blanket 1st TD on these two SFR investment properties in in Costa Mesa, CA.  Funds from our loan will be used to pay-off higher interest rate TD’s on subject properties and provide cash-out to finish construction.  We will be paying off a $2.3 Million 1st TD at 12% from Anchor Loans that was used to purchase the property and construct the structures to date.  This new loan will also pay off a $430k 2nd TD at 13.50% held by Mortgage Vintage.   $99k from our loan will be held in funds control to complete final construction of these 2 SFR’s.  The construction estimate to complete is  $100k.  An existing $62k remains in the Anchor Funds Control acct. and will be depleted before accessing the $99k from our loan.  Should the Funds Controlled $161k ($99k+$62k) not be sufficient to finish, Borrower will use personal funds which currently stand at $99k as of 12-18-20 to complete.   The plan is to finish and sell the front house and then finish and sell the back house.

 

The subject property was 1 parcel and was split into two parcels in 2019. The subject properties feature 2 new contemporary designed SFRs in the Newport Heights area of Costa Mesa, CA. Subject property 1590 Riverside Pl. consists of a 2 story SFR with 2,982 sf.  This home has a total of 9 rooms with 4BR/4BA. Other subject property is 1592 Riverside Pl. consists of a 2 story SFR with 2,850 sf.  This home has a total of 9 rooms with 4BR/4BA.  Both homes are highly upgraded throughout and each have 2 car attached garages.

What We Like:

  • Costa Mesa, Newport Heights, OC location
  • $99k Funds Control+
  • Experienced Real Estate Investor and Developer
  • 58.00% LTV / 56.62% Net LTV
  • 6 mos Guaranteed Interest
  • 3 mos Prepaid Interest

$2,958,000 Blanket 1st TD @ 8.50%, 58.00% LTV Refinance $98,600 Min Investment, 12 Mo Term, 6 mo. Guar Int.Costa Mesa

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