1. Loan Purpose: Successful Repeat Mortgage Vintage borrowers and real estate investors sought a $1,235,000 1st Trust Deed Rate and Term Refinance loan on this non-owner-occupied, Mixed-Use property off S. Main and Edinger in Santa Ana, Orange County, CA. The funds from the loan will be used to pay off existing, Mortgage Vintage maturing loans.
2. Property Description: The subject property is a fully occupied 2-story mixed-use commercial/residential property in Santa Ana, Orange County, CA. The subject property was significantly renovated in 2021. The subject’s net rentable space is 4,209 SF and subject’s site totals 7,870 SF, and is located on S. Main St. which is a commercial/retail street that bisects Santa Ana with 4 paved lanes (2 in each direction). The commercial building offers 3 retail suites, each offering street frontage along South Main Street. One of the suites is located on the second floor. Each suite provides a restroom, retail showroom, front entrances, recessed lighting, and a security/fire alarm system. The interior build-out is considered to be good quality.
Behind the commercial building are two residential units that comprise of 1, three-bedroom/two-bathroom unit and 1, one-bedroom/one-bathroom unit. On-site parking consists of 9 on-site asphalt paved parking spaces. In addition, public parking is available along South Main Street. The site is basically rectangular and fully level at street grade. The subject property is fully occupied earning $16,800 a month and that income at a 6.25% Cap Rate provides the $1.9 Mil value. The subject is well located in the bustling downtown Santa Ana neighborhood near similar mixed-use properties, next to the Post Office, St. Anne Catholic Church, local restaurants, schools and shopping with easy access to the 5 FWY and 55 FWY.
What We Like:
- 1st Trust Deed with an Investor Yield of 10.00%
- Repeat, Successful, MVI Borrowers
- Fully Occupied Subject in Santa Ana, Orange County, CA
- $16,800 Monthly Rental Income
- Property Significantly Renovated in 2021
$1,235,000 1st TD @ 9.50%, Mixed Use, 65.00% LTV, 24 mo., $49,400 Min., Santa Ana, CA
