Long-time successful business owner seeking a business purpose cash-out 2nd TD on this owner occupied SFR in Costa Mesa, Orange County, CA. Funds from our loan will be used as capital investment into their company, Environmental Water Management. The company suffered some small setbacks because of COVID, but our loan proceeds will be used to payoff a business line of credit and the remainder of the funds will be used to get the company back on track. The exit strategy from our loan will be a refinance or to payoff the loan from business proceeds.
The subject property is a single story cottage styled home sitting on a huge 9,880 SF lot situated in a very desirable area of Orange County. The home itself is 1,196 SF with 5 total rooms including 2 bedrooms , 1 bathroom and a 2-car detached garage. The subject is very well maintained and upgraded and features very large front and backyards and a detached garage and office. The lot has plenty of room for ADUs should the borrower choose to go down that path in the future. It is situated in close proximity to public and private schools, shopping, restaurants, entertainment, recreation and medical facilities. The 1st TD has a 7.99% interest rate.
What we like about this Trust Deed opportunity:
- Costa Mesa, Orange County location
- Long-time successful business owners
- 10.00% annualized return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- 49.69% Net CLTV
