Borrower sought a $120K 2nd Trust Deed bridge loan on this owner-occupied Condominium in Costa Mesa, Orange County, CA. The purpose of this loan is minor remodeling/updating to subject property (paint, carpet, modern fixtures); the property is currently listed for sale at $680k. The borrower’s small $194K 1st TD is a VA loan, 30 year @ 3.75% fixed rate which is current and in good standing.
The subject property is a two-story, traditional Condominium in a very desirable suburban neighborhood in Costa, Mesa, CA. The subject property features a total of 7 rooms with 2 Bed / 2 Bath with 1,280 SF living space. The subject property backs up to a beautiful greenbelt with a balcony view. The subject property is well located near Newport Boulevard, Pacific Coast Hwy., many restaurants, schools, shopping and 55/73 fwys.
What we like about this Trust Deed opportunity:
- 811 FICO borrower
- Popular Costa Mesa, Orange County location
- 10.50% Investor Yield
- CLTV: 47.58%
- Redfin Value: $874K
- Property Listed for Sale at $680k