Co-Borrowers, Real Estate Investors and previous successful MVI Borrowers sought a $500,000 Business Purpose Cash Out 2nd Trust Deed to finish construction on a Non-Owner Occupied Duplex Short Term Rental investment property in Newport Beach, CA.
Borrower’s current and in good standing 1st Trust Deed is from PennyMac at a 7.125% rate at $2.1 Mil. The borrowers purchased this property in 2024 as a Short Term Rental property (existing rental permits) and have remodeled down to the studs and plan to finish the renovation with these funds and then rent the Duplex as a Short Term Rental.
Property Description:
It is a fully renovated Cape Cod–style duplex located on a coveted corner lot on the Balboa Peninsula with direct harbor-view orientation. The property offers 2,328 sq. ft. of total living area, consisting of a5-room, 2-bed/1-bath downstairs unit (960 sq. ft.) and a 6-room, 3-bed/2-bath upstairs unit (1,368 sq. ft.). Recent renovations took the structure down to the studs, reconfiguring layouts to create open-concept living spaces, an expanded lower unit, a new upper-level master balcony, and modernized finishes throughout. Each unit includes engineered hardwood floors, updated kitchens and baths, in-unit laundry, and access to a 2-car garage.
Strengths:
High-value coastal location, new full renovation, strong rent potential, two fully separated units, premium corner-lot exposure.
