Very successful real estate investor who is 100% owner of a total of 8 investment properties throughout Los Angeles County sought a 2nd TD business purpose cash out loan on this newly built 13 Unit Apartment Building in Los Angeles, Los Angeles County, CA. The subject property is 100% fully occupied.
Borrower purchased the property in 2013 (it was a 4-unit bungalow), received permits in 2019, and did a full new ground-up construction into this 4-story, great condition, brand new 13 Unit Apartment Building with expansive rooftop access views of downtown Los Angeles and the “Hollywood” sign.
The use of funds from this loan will be applied to finish remodeling of the borrower’s other SFR investment property in Brentwood, Los Angeles, CA.
The subject property is a 4 story, brand new rectangular, freestanding 13-unit apartment building with very good class “D” construction in a prime location near Koreatown, USC, and 15 minutes from beach cities in Los Angeles. The subject property consists of 9,360 net rentable living space on a 6,354 SF site area. The subject property consists of two studios, five 1 Bed / 1 Ba, three 2 Bed / 2 Ba, and three 3 Bed / 2 Ba. Each apartment includes all new stainless steel appliances, including a washer/dryer, doorbell and bathroom light sensors. The subject property features a tenant social area on the flat, build-out rooftop with expansive city views, 24×7 security surveillance, 1 elevator and 10 privately gated tenant garage. The subject property is just two blocks from the 10 FWY off-ramp, near many restaurants, shopping plazas, entertainment, schools and parks. The subject property is fully occupied with a $39,949 gross monthly total rental roll.
What we like about this 2nd Trust Deed opportunity:
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- Successful real estate investor with 8 total investment properties worth $34M in market value
- Brand New Fully Occupied 13 Unit Building in Los Angeles
- 13.00% yield to the Investor
- 58.74% CLTV, 57.47% Net CLTV
- 6 Mos. Guaranteed Interest / 6 Mos. Prepaid / 12 Mos. Loan Term
- Net Equity Protection: $3,040,625
- Gross Equity Protection: $2,950,000
- 1st TD Current, Good Standing, Never Late, with CTBC Bank, fixed 6.00% Rate
