1. Loan Purpose: Successful Mortgage Vintage borrower and real estate investor sought a $1,300,000 1st Trust Deed business purpose cash-out loan on this non-owner occupied, fully occupied, and recently renovated 8-unit multi-unit property in Los Angeles, CA. The funds from the loan will be used to payoff an existing maturing loan and to make some additional minor repairs to the property. The current 1st we are paying off is at $1.125 Mil.
2. Property Description: The subject property is an 8-unit apartment building that offers 1 freestanding apartment building. The building is 2 stories, with good quality class “D” construction, wood frame, stucco walls, and composition shingle roofing. There are six 800 sf 1 bdrm/1ba units and two 1,015 sf 2 bdrm/1.5 ba units for 6,830 rental sf. Total monthly rental income is $17,502. The property offers a gated entrance with covered parking and 12 spaces. The property is located in the extremely popular area of Silver Lake near Los Feliz. The I-5 and 10 Fwys are easily accessible.
What We Like:
- Recently renovated, Silver Lake, Los Angeles location
- 47.27% LTV 8 unit Multi-Family property paying 9.00% for 24 mos.
- $17,502 monthly rental income
- Fully Occupied
- Previous successful Mortgage Vintage Borrower
