20 years experienced real estate investor sought a 1st TD to replace an older rental manufactured SFR which has been removed from borrower’s land and is being replaced with a brand, new prefab investment property SFR that will be permanently affixed to borrower’s land by a licensed GC. The purpose of this loan is to pay off a tiny and current $11K 1st TD and the balance of $186K funds will be placed into Funds Control which will be withdrawn in three parts: a) pay-off balance due for prefab home arriving next week b) pay GC for permanent foundation installation c) secure and pay for all licenses and permits with county for Permanent Certificate of Occupancy as an SFR. The borrowers have 225k “skin in the game” between original land purchase in 2007 and initial deposit on prefab SFR.
The subject property will consist of a newly built prefab SFR with 1,782 SF of rentable living space sitting on a .96 acres lot. The subject property will consist of 7 total rooms, 4 Bed / 2 Bath. The market rent for similar subject properties is $3,200 per/month. The subject property is very well located down the street on Briggs Road from a large, new housing and retail development of 52 Lot subdivision and 153 Condos. The subject property is also well located across the street from Harvest Valley elementary school, new Liberty high school and just North of the 74 Fwy.
What we like about this Trust Deed opportunity:
- 9.50% Annualized Return
- Long-time successful real estate investor
- 6 months Guaranteed Interest
- Funds control
