Executive Summary: Borrowers sought a 1st TD purchase bridge loan secured by two owner-occupied single-family residences located in Hacienda Heights and San Dimas, Los Angeles County, California. Both properties are recently upgraded and located in nice, suburban residential neighborhoods. The borrowers are leveraging the equity in their “free and clear” Hacienda Heights residence to purchase the San Dimas property. Borrowers are empty nesters, down-sizing. Borrowers have over $1M in 401K fund but prefer to use this loan versus taking the tax hit withdrawing funds from their 401K. Borrowers listing their Hacienda property for $2,995,00 but believe it will sell for more. Exit to pay off loan: through net proceed from Hacienda purchase within 6 months.
Hacienda Heights Property Description: This single-story, ranch-style home features 4 bedrooms, 3 bathrooms, and approximately 2,347 SF of living space on a 0.27-acre lot. Situated in a hilly area, the property offers a 180-degree panoramic view of city lights. Recent upgrades include new flooring, remodeled bathrooms, and updated kitchen countertops. Well located near many schools, restaurants, shopping, parks, 10 and 605 FWY.
San Dimas Property Description: This single-story, craftsman-style residence with 3 bedrooms and 2 bathrooms, offering approximately 1,356 SF of living space on a 0.15-acre lot. The property has been recently renovated and features hardwood flooring throughout, modernized bathrooms, and an upgraded kitchen with newer countertops, appliances, and a farmhouse sink. Additional amenities include central air conditioning, a detached two-car garage, a covered front porch, and a vinyl picket-fenced yard. Well located near many schools, restaurants, shopping, parks, 10 and 210 FWY.
Investment Highlights
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Strong borrower profiles with FICO scores of 776 and 763
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1st TD secured by two upgraded, owner-occupied SFRs
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Low combined LTV of 40.72%
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Quality collateral in desirable Los Angeles County neighborhoods
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Attractive 8.50% interest yield on 1st TD over 11-month term
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