Successful business owner and Pacific Life 16 year employee sought a business purpose cash-out 2nd TD on this owner occupied SFR in Newport Beach, Orange County, CA. The purpose of this loan is to pay off an existing $607,500 Business Purpose 2nd TD held by Mortgage Vintage and provide additional cash out to complete the underway remodel. $374k of this new loan will be held in funds control to complete the remodel of subject property and provide additional cash for exterior landscaping and finishes. The balance of the funds will be used to support the expansion of the borrower’s growing Telemedicine business “Pioneer Technologies Solutions”.
The subject property is a one story SFR that has 3,561 SF of living space and sits on a large 10,227 SF lot, on a cul de sac, corner lot in the highly in demand Baycrest North community of Dover Shores in Newport Beach. The subject property has 5 bedrooms, 3 baths (5 baths after remodel) and 3-car attached garage. The home features a well-maintained backyard, pool and spa. The subject property is conveniently located near Mariners Park, Irvine Blvd. and the 17th St. shopping corridor. The subject property is very close to Upper Newport Bay, many popular Pacific Ocean beaches other shopping centers, restaurants, and award winning schools. The new proposed improvements to the subject property will be “high end’ throughout.
What we like about this Trust Deed opportunity:
- Highly desirable Newport Beach location
- 10% Investor Yield
- 6 months Guaranteed Interest
- Validated construction Budget by the Funds Control Co. General Contractor
- Borrower using reputable Architect and General Contractor
- Current and timely Mortgage Vintage borrower
- $1.913 Mil. 1st Mortgage is at 2.75%