Successful MVI borrower and real estate investor sought a business purpose cash-out refi 1st TD on this non-owner occupied Single Family Residence property in Santa Ana, CA in Orange County. Funds from our loan will be used to: 1) payoff existing loan; 2) pay property taxes for this and another investment property. While this is zoned Single Family, the property does have 2 structures that are rented separately.
The subject property is a corner lot with 2 buildings. All interior of two buildings is upgraded, new paint, new flooring, new bathrooms, and new kitchens. Subject is in wellestablished neighborhood close to downtown and near all public services and easy access to local freeway. Subject’s final value represents a value with normal marketing times and based on the most similar and proximate comps in this report.
The subject property is 1,831 traditional multi-family property sitting on a 6,098 SF lot. The home has 10 total rooms with 5 BR/3 BA driveway for parking. The subject property is a corner lot with 2 buildings. One building has 1 bedroom, 1 bathroom, and a kitchen. The other building on the first level has 1 bedroom, 1 bathroom, and 1 kitchen. The second level has 3 bedrooms, 1 bathroom, and 1 kitchen. The subject has totally, 5 bedrooms, 3 bathrooms, and 3 kitchens with a total of 1831 sf living area and 6098 sf lot size. All interiors of two buildings are upgraded, new paint, new flooring, new bathrooms, recessed lights, new appliances, new double side panels windows and new kitchens. The subject is in well-established neighborhood close to downtown and near all public services and easy access to local freeway. The subject is conveniently located to major transportation routes and with most services within 1-mile radius such as schools, shopping centers, parks, restaurants, banks, and medical offices. Rental income is $3,600/ month. Exit strategy from our loan is a conventional refinance.
What we like about this Trust Deed opportunity:
- Orange County Location
- Non-owner Occupied Investment Property
- 10.00% Annualized Return
- 6 months Guaranteed Interest
- $3,600/month rental income
- Previous successful Mortgage Vintage borrower
- Borrower owns many multi-family properties in Santa Ana
$549,000 1st TD @ 10.00%, 60.00% LTV, SFR+, NOO, $54,900, Min Inv., Santa Ana, CA
