Loan Purpose
Borrower and business owner sought a $375,000 business purpose 2nd Trust Deed cash out refinance loan on this owner and non-owner occupied Duplex investment property in Encinitas, San Diego County, CA that is well located 5 blocks east of Encinitas beaches. The borrower will be using the loan proceeds to pay off an existing, small and in good standing $99K business purpose 2nd TD, some for minor upgrades to the rental unit and the balance on working capital for borrower’s neuroscience consulting business. The exit strategy from our loan is a refinance.
The borrower’s 1st mortgage is current and in good standing with Chase Bank and has a principal balance of $1,533,000 with a fixed interest rate of 3.00% until August 2051. The total monthly payment including taxes and Insurance is $9,063.
Property Description
The subject property is a two-story contemporary styled, 1,065 SF Duplex sitting on .026 acres lot in the Encinitas beach community. The Duplex, which has been renovated, consists of 4 bedrooms and 2 bathrooms. The Duplex features a front and backyard. The subject property is well located near the beach, shopping, entertainment. The rental unit earns $4,000/month.
What we like about this Trust Deed opportunity:
- Partially renovated Duplex in the beach city of Encinitas, San Diego County
- 12.50% Lender Rate
- Low Fixed 1st TD Mortgage in good standing
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
$375,00 2nd TD @ 12.50%, Duplex, CO, 60.25% CLTV, 24 mo., NOO, $46,875 Min., Encinitas, CA
