Real estate investor sought a cash-out 2nd TD of this non-owner occupied Condo in Orange County. Proceeds from this loan will be used to payoff two business purpose loans and invest back into the property.
Our subject property is a beautiful two-story condominium located in Irvine in the Woodbridge neighborhood of Irvine. The property is adjacent to the South Lake of Woodbridge. The subject was built in 1985 and has 1,748 sqft of living space with 6 total rooms – 3 bedrooms, 3 baths and 2-car attached garage. The kitchen was recently updated. The community offers a pool, spa, barbeque, picnic area, playground, tennis courts, sport courts, and common areas. The home is located just north of the 405 fwy between Culver Drive and Jeffrey Road. The property is located closed to schools (including UC Irvine), restaurants, shopping, recreation, medical facilities, and John Wayne Airport. Current tenant pays 2,100/month.
The first mortgage is with Wells Fargo Bank with a current unpaid principal balance of $195,352 and an interest rate of 4.25%. The first mortgage matures in March of 2042. In addition, the first mortgage impounds for taxes and insurance.
What we like about this Trust Deed opportunity:
- Orange County location
- 6 months Guaranteed Interest
- CLTV: 65.23%
- Net CLTV: 63.77%
- Small 1st Mortgage
$620,000 2nd TD @ 10.25% 65.23% CLTV, Cash-Out, $62,000 Min Inv Irvine CA