Successful business owner sought a business purpose cash-out refi 1st TD on this owner occupied SFR in Fresno, CA. Borrower has a hard money 1st TD of $465,000 @ 7.5% which is in good standing. Funds from our loan will be used to payoff the current 1st TD which matures soon and also get him cash-out to expand his agricultural business, Redox Bio Nutrients. The loan proceeds will be used to purchase and upgrade new equipment to increase overall income. The exit strategy from our loan is to do a conventional refinance once his credit and income have increased from business expansion in 6+ months.
The subject property is a beautiful and large 3,190 SF contemporary styled SFR sitting on a 10,454.4 SF (0.24 acre) lot. The home has 11 total rooms including 5 bedroom, 3 bathrooms and an attached 3-car garage. The property is located in a quiet and clean gated community. It features large open rooms, high ceilings, and a large backyard. The subject property has easy freeway access and is close to entertainment, restaurants, shopping, parks and medical facilities.
What we like about this Trust Deed opportunity:
- Successful family business owner
- 3 months prepaid interest
- 6 months guaranteed interest
- Nice and desirable gate community in Fresno
$588,250 1st TD @ 10.00%, SFR, 65% LTV, Cash Out $58,250k Min Investment, Fresno, CA
