Existing and successful Mortgage Vintage borrower is seeking a 2nd TD business purpose cash-out on this SFR investment property in Downey, Los Angeles County, CA. Funds will be used to start the demolition of the existing SFR structure. Borrower plans to build a new SFR on the property. Mortgage Vintage holds the current $340,000 1st TD on this subject property. Exit strategy is to payoff this loan with a construction loan.
The subject property is on a 25,654 SF rectangular lot. The subject property currently has an uninhabitable SFR and in-ground pool that will be torn down and replaced with a newly constructed rental SFR. The subject property is very well-located just west of the 5 FWY & 605 FWY interchange and close to several nearby schools, restaurants and shopping.
What we like about this Trust Deed opportunity:
- Existing and successful Mortgage Vintage borrower
- 46.16% LTV off “As Is” Appraised Value
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- 10.00% Investor Interest Yield