Successful, existing Mortgage Vintage Inc. borrowers, experienced real estate investors and business owners sought a 1st TD loan on a non-owner occupied orchard property in Escondido in the Highland Valley wine region in San Diego County, CA + one vacant land lot in Lake Elsinore, Riverside County, CA. The funds from the loan will be used to consolidate and refinance borrowers’ existing and current $330k 1st mortgage on the Escondido property and $75k 1st mortgage on the vacant lot in Lake Elsinore. The remaining cash out funds will be applied towards architectural plans and permits.
The Escondido subject property consists of 9.86 acres located in the popular Highland Valley wine region of San Diego County, CA. This subject property is currently an orchard, consisting of est. 2,000 producing avocado trees. Borrowers plan to clear out half of the avocado orchard and build a venue + restaurant for wedding and corporate events. This subject property is very well located adjacent to “Cordiano Winery”, and other nearby vineyards/wineries, restaurants, close to the San Diego Zoo and other San Diego tourist attractions. Borrowers have successfully owned and operated restaurants/catering companies for 21 years.
The other subject property consists of 2.44 acre lot in Lake Elsinore, Riverside County, CA. The subject property is very well located next to a Costco, Walmart and the “Outlets at Lake Elsinore”. Borrowers plans to develop Single Family Residence rental homes on this vacant lot. Subject lot is surrounded by existing single family residences, near many schools, shopping, restaurants, parks and Lake Elsinore Lake activities.
What we like about this Trust Deed opportunity:
- Successful Mortgage Vintage Borrower
- Experienced Real Estate Investor
- 12.00% Investor Yield
- 35.00% LTV
- 6 months prepaid interest
- 6 months guaranteed interest