Loan Purpose
Borrowers and real estate investors sought a Business Purpose Cash-Out 2nd Trust Deed loan on this non-owner-occupied property located in San Diego. Loan proceeds will be used to do light renovations to the property to prepare it for a new rental. The Borrower has the rental property professionally managed by Utopia Management. The existing 1st mortgage is with American Financial Network, Inc., and serviced by PennyMac and has a balance of $187,460.27, interest rate of 3.125%, and matures on February 1, 2051
Property Description
The subject property, located at 6354 Varney Drive, San Diego, CA 92114, is a single-family residential home situated in the Valencia Park neighborhood of San Diego. The property recently had a Tenant move out who had been there 8 years. The borrower’s plan to improve the subject property will increase rental income. The currently vacant property consists of a 1,374 square foot living area on a 0.13-acre lot and is currently listed for rent for $3,895 per month. The annual property tax is approximately $1,883. Built in 1979, this home features four bedrooms, two bathrooms, and an attached two-car garage. The exterior is finished with stucco, presenting a traditional architectural style typical of the area. Internally, the property is in fair condition, with dated interior design, original flooring, and finishes. Despite these conditions, the neighborhood is stable, with a mix of owner-occupied and investor-owned properties.
What We Like
- 57.92% CLTV and 56.87% Net CLTV
- Investor Yield of 11.50%
$218,000 2nd TD @ 11.50%, SFR, CO, 57.92% CLTV, 12 mo., NOO, $43,600 Min., San Diego, CA
