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