Successful business owner sought a business purpose cash-out 2nd TD on this owner occupied condo in Coronado, San Diego, CA. Proceeds from our loan will be used for capital infusion and expansion into his FinTech lending business, CrediFai. Exit strategy is a consolidation refinance in the next 12-18 months.
The subject is located in the recently renovated El Encanto Tower high-rise complex which offers a pool, spa, tennis courts, beach club and is also within walking distance to the beach and bay. The subject condo itself is well-maintained and includes an open floor plan, designer furnishings and panoramic city and bay views from all rooms. With seven total room including 3 bedroom and 3 bathrooms, the total living space is 1,663 SqFt. The condo has two assigned parking spots in the below ground, gated parking garage. This area of Coronado is highly desirable due to its walking distance to the beach, Coronado Golf Course as well as numerous restaurants, stores, resorts and entertainment. The AXOS Bank 1st TD which is current and in good standing, has a balance of $1,651,000 and a 3.875% rate equating to a $8,185.56/month payment. The rate is fixed until September 1st, 2026 to which it can adjust thereafter.
What we like about this Trust Deed opportunity:
- 12.50% annualized return
- Successful business owner
- 6 months Guaranteed Interest
- 6 months prepaid interest
- Beautiful Coronado, San Diego location
$365,000 2nd TD @ 12.50%, 65.00% CLTV, OO, 24 mo. term, $36,500 Min Inv., Coronado, CA
