Borrower sought a small $75K 2nd Trust Deed business purpose loan on this SFR, non owner-occupied investment property in Palmdale, Los Angeles, CA. The SFR is currently listed for sale. Funds from this loan will be used on modernized fixtures and landscaping to draw in higher offers. Exit Strategy: Sale of Property.
The borrower’s 1st mortgage is an FHA PennyMac with a principal balance of $313,000 with a fixed interest rate of 4.50%, maturing March 1, 2049 and a P&I payment of $2,712.88/mo. The first lender impounds for taxes and insurance.
The subject property is a traditional styled SFR in good condition on a quiet, suburban cul-de-sac featuring 3,708 SF total living space with 3 Bedroom / 3 BA, large bonus room and an attached 2-car garage. The subject property sits on .54 acres lot in a new tract home development called the Ana Verde Community. The subject property is very well located near many parks, local schools, shopping centers.
What we like about this Trust Deed opportunity:
- Good condition SFR on suburban cul-de-sac
- 59.69% CLTV and 55.14% Net CLTV
- 12.00% Lender Rate
- 6 months Prepaid Interest
- 6 months Guaranteed Interest