Brief Overview
Loan Scenario:
Business owner sought a $430,000 business purpose 2nd Trust Deed cash out refinance loan on this owner-occupied detached condo in Portola Springs Community of Irvine, Orange County, CA. The borrower will be using the loan proceeds to pay off a current and in good standing existing 2nd TD loan, and the balance of the loan proceeds will be used for working capital for borrower’s import – export company.
The borrower’s 1st mortgage has a principal balance of $983,565 with a fixed interest rate of 4.875% maturing in October 2052. The total monthly principal interest payment including taxes and Insurance, is $7,632.
Property Description
The subject property in Irvine, CA is a desirable recently built two-story, modern detached condominium located in the prestigious Portola Springs community. Featuring 2,646 sq ft of living space, this modern 4-bedroom, 4-bath home offers an open-concept layout, upgraded finishes, a large private backyard with an extended patio and putting green, and a 2-car garage, all in C2 very good condition. The home sits within a well maintained master-planned neighborhood surrounded by parks, trails, and scenic open space, and benefits from access to amenities including multiple pools and spas, playgrounds, sports facilities, and a clubhouse. Portola Springs is known for its strong market stability, proximity to the 241 FWY major employment centers, award-winning Irvine schools, and overall high demand for both ownership and rental housing.
What we like about this Trust Deed opportunity:
- Good condition, recently built with upgrades in detached Condo in desirable Portola Springs community in Irvine with many community amenities
- 4.875% Fixed 1st Mortgage
- Protective Net Investor Equity $790,460
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
