Business owners sought a $250,000 business purpose 2nd Trust Deed loan on this owner-occupied single-family residence in Millbrae, San Mateo County, CA. 100% of the loan proceeds will be used to upgrade and expand the borrowers’ snack and beverage vending machine business. The borrower expects to see an significant increase in revenue and profitability by replacing older machines with high capacity and technologically advanced machines as well as expanding the territory throughout northern California. In a couple years, he plans to sell the business and pay this loan off with the business proceeds. The borrower’s 1st mortgage is with Select Portfolio Servicing and has a principal balance of $1,015,000 with a fixed interest rate of 4.50%, and a PITI payment of $7,270.67/month.
The subject property is a 2,860 SF contemporary styled single-family residence which sits on a 5,793 SF lot. The home features 10 total rooms including 5 bedrooms and 3 bathrooms. Situated in a nice and quiet part of San Mateo County, it features a nice large open floor plan and has views of the nearby San Andreas Lake. It is also just minutes from several restaurants, schools, shopping medical facilities, golf courses and entertainment venues.
What we like about this Trust Deed opportunity:
- 708 and 693 business owners
- Very low 46.85% CLTV, 46.59% Net CLTV
- 11.00% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
$250,000 2nd TD @ 10.00%, 46.85% CLTV, SFR, OO, $50,000 Min Investment, Millbrae, CA
