Real estate investor, business owner and successful Mortgage Vintage borrower sought a new business purpose cash-out 1st TD refi on this non-owner occupied 3-unit multi-family property in Long Beach in LA County. The borrowers $210k 1st TD that this loan is paying off is current and has performed perfectly. Funds from our loan will be used to provide additional improvements to the property and invest in other investment properties.
The subject property is a two-story traditional style 3-unit multi-family building. Building measures 2,754 SF and is situated on a 4,197 SF lot. The subject has 12 total rooms with 6 BR / 4 BA and a 4-car attached garage. Each unit has 2 bedrooms. Two of the units are currently rented out for $1,300 each ($2,600 total). The borrower has an immediate family member living in one of the units and does not collect rent from that family member. Exit strategy from our loan is a conventional or NonQM loan.
What we like about this Trust Deed opportunity:
- Long Beach, LA County location
- 37.00% LTV/36.17% Net LTV
- Non-owner-occupied investment property
- $2,600/month rental income
- 9 months Guaranteed Interest
- Borrower is currently performing on existing 1st TD with a perfect payment history
