Successful Mortgage Vintage Borrower and Real estate investor sought a business purpose cash-out 1st TD on this non-owner occupied investment property in Santa Ana, CA in Orange County. Borrower purchased the property in Sept. 2021 for all cash and the funds from our loan will be used to improve property and add an ADU and JADU.
The subject property is 1,471 SF contemporary style SFR sitting on a 6,250 SF corner lot. The home has 6 total rooms with 2 BR/2 BA and a 2-car detached garage. The property West of the 55 Fwy and SW of the 5 FWY and centrally located to schools, entertainment, restaurants, shopping, parks and medical facilities. Property is not currently occupied, however, market rents for the approved 3 units are approximately $3,000 for the 3/2 front unit, $1,500 for the 1/1 JADU and $2,800 for the 2/1 ADU. Total expected rents total $7,300. Exit strategy from our loan is a sale of the 3 unit property.
