Real estate investor, existing Mortgage Vintage borrower and experienced Fix & Flip general contractor sought a business purpose cash-out 2nd TD loan on this prime fix & flip opportunity in Orinda, Contra Costa County, CA. Funds from our loan will be used to finish upgrades that are currently underway and $99k of the loan proceeds will be managed in an Escrow based funds control. The existing 1st TD is 660k held by Mortgage Vintage Inc. Borrower’s exit strategy is to pay off the 1st & 2nd TDs through sale of property.
The subject property is a 3-bedroom/2-bathroom SFR located in Orinda’s desirable Ivy Drive neighborhood. The 1,572 SF home is situated on a 0.24-acre lot with curb appeal featuring a covered front porch. South Orinda is a sought after suburb neighborhood in the San Francisco Bay Area. The subject property is close to many regional parks, hiking trails and blocks to award winning K-12 schools. The subject property is well located within a 5-minute drive to or bus to BART to access surrounding larger Bay Area cities and right off HWY-24.
What we like about this Trust Deed opportunity:
- Existing MVI borrower, experienced Fix & Flipper & real estate investor
- 51.39% CLTV on ARV
- 3 months Guaranteed Interest
- Desirable SF area location
