Existing Mortgage Vintage borrower, real estate investor and local Laguna Beach Realtor sought a business purpose cash-out & refinance 2nd TD on this Ocean View SFR non-owner occupied short term rental property in Laguna Beach, Orange County, CA. The subject property has a front unit and the main Ocean Facing SFR. Recent legislation allows borrower to split lots on subject property; Funds from our loan will be used for that purpose and to pay off an existing, in good standing $115k 2nd TD that is held by Mortgage Vintage. Exit strategy from this loan is to obtain a conventional loan to to payoff borrower’s existing $2,000,000 1st TD held by Mortgage Vintage and this new 2nd TD.
The subject property is a custom built 3,142 SF Spanish style SFR sitting on a 9,360 SF lot (.021 acres) with a panoramic white water view of the Pacific Ocean and Catalina Island. The home has 8 total rooms with 4 BR / 5BA and a 3-car attached garage. The property is located in the popular beach city of Laguna Beach and is close to Aliso Beach Park, schools, shopping, and restaurants.
Property is currently listed for rent at $15,000/month and the borrower successfully has successfully booked short term rentals during the summer and longer term rentals during the winter.
What we like about this Trust Deed opportunity:
- Property location & ocean-view
- 10.00% annualized return
- 57.00% CLTV
- 4 months guaranteed interest
- 3 months prepaid interest
- Market rental income: $15,000/mo.
