Borrowers sought a 2nd TD bridge loan on their primary residence in Los Gatos, CA. The funds from our loan will be used to make several improvements to the property prior to selling. The couple plans to move to Sacramento to be closer to their grown Children and Grandchildren. They already have a Listing agreement in place to sell the property once the remodel is complete. Both borrowers work as Notaries and they have their own Notary company.
The subject property is a single-story, contemporary-styled SFR sitting on a large 8,030 SqFt lot in the beautiful and highly affluent city of Los Gatos, Santa Clara County, CA. Subject is 2,364 SqFt with 10 total rooms including 5 bedrooms and 3 bathrooms. Property features large front and back yards, a covered deck and patio and a fireplace. The home is currently under renovation which includes new flooring, kitchen and bathroom cabinets, kitchen appliances, electrical and bath and shower components. All of these items are in house and have been paid for. Our funds will help finish everything up. The subject property is situated walking distance from La Rinconada Country Club, and just a short drive from schools, restaurants, shopping, entertainment and medical facilities.
What we like about this Trust Deed opportunity:
- 45.58% CLTV
- 10.00% annualized return
- Beautiful Santa Clara County location
- Very desirable neighborhood
- Conventional 1st TD @ 2.875%