Brief Overview
Loan Purpose: This is a 2nd Trust Deed loan on a non-owner-occupied property in La Quinta, CA. The borrower sought funds to bring their existing first mortgage current and to complete needed repairs on their rental property. The existing first trust deed with Kinecta Federal Credit Union has a balance of $846,432 with an adjustable rate of 5.625% and a monthly payment of $8,080.25. The borrower currently has the property listed for sale for $1,575,000.
Property Description: The subject property is a single-family residence located at 80220 Via Tesoro, La Quinta, CA within the Mountain View Country Club community. Built in 2009, the 2,811 square foot home sits on a 0.20-acre lot and features 4 bedrooms, 3 bathrooms, a pool, spa, golf course views, and an attached 2-car garage.
Mountain View Country Club is one of La Quinta’s premier gated golf communities, often referred to as the “jewel of the desert.” The community is anchored by an 18-hole Arnold Palmer Signature golf course and includes extensive amenities such as a clubhouse, fitness center, spa, swimming and tennis facilities, and social events. The development was constructed in the early 2000s and comprises approximately 426 homes. Many of the homes reflect Spanish Colonial architectural influences set against beautifully landscaped grounds and mountain/desert vistas. Homeowners in the community typically enjoy elevated privacy, well-maintained common areas, and the prestige associated with membership in a high-end golf community.
What We Like:
- $1,550,000 valuation
- Conservative combined loan-to-value of 66%
- Desirable golf course community
- Defined exit strategy through property sale
$176,500 2nd TD @ 11.50%, SFR, CO, 66.00% CLTV, 24 mo., NOO, $35,300 Min., La Quinta, CA
