Successful, existing Mortgage Vintage Inc. borrower and experienced real estate investor sought a 1st TD business purpose cash out loan on this non-owner occupied condo rental property in Indio, Riverside County, CA. The funds from this loan will be used towards a down payment on a new real estate acquisition.
The subject property is a traditional style condo in Indio. The subject property is on a 1,742 SF lot with 1,018 SF rental living space. The subject property has 2 Bed & 2 Bath and 1 car attached garage. The subject property features a a nice outdoor deck/patio. The borrower just closed escrow on this subject property and will be listing it for rent soon. The market rent in area is $1,800 mo./rent. The property is well located near the CA-111 HWY and 10 FWY intersect and just across from the Indio Palms Country Club and Resort as well as many other country clubs, resorts, schools, restaurants, shopping and parks.
What we like about this Trust Deed opportunity:
- Successful Mortgage Vintage Borrower
- Experienced Real Estate Investor
- 8.00% yield
- 3 months prepaid
- 61.54% LTV