Borrower and experienced real estate investor sought a business purpose 2nd TD to payoff an existing 2nd mortgage and cash-out to upgrade and improve the subject Non-Owner Occupied property to increase its value and appeal. The subject is located on a corner lot in the historic Tennis Club in central Palm Springs in Riverside County, CA. This luxury estate is located close to downtown and a short walking distance to the mountain.
The subject property is a stunning mid-century ranch style home that sits on a very large 14,810 SF lot. The home itself is 2,877 SF with 9 total rooms including 3 bedrooms and 3 bathrooms, attached 2-car garage and a large pool and backyard/patio area. The subject features mountain views, in-ground pool and poolhouse as well as very large living and kitchen areas. The subject is situated walking distance to the Tennis Club and is in close proximity to shopping, restaurants, schools and medical facilities. Current monthly rental income is $6,500. Exit strategy from this loan is a conventional refinance. In addition to the rent, the borrower has a large amount of assets in Oil and Gas Investment that provide royalty payments.
What we like about this Trust Deed opportunity:
- Non-Owner Occupied
- 49.60% CLTV
- 9.50% annualized return
- Beautiful luxury home located in a great part of Palm Springs
- Experienced Real Estate Investor
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
