Business owner and real estate investor sought a cash-out 2nd TD of this non-owner occupied two unit residential property in Orange County. Proceeds from this loan will be used to complete work at the property.
Our subject property is recorded with the County as a Single Family Residence. However, the property has been divided into a permitted duplex. The property is a one-story property located in Santa Ana and sits on a 5,222 sqft lot. The subject was originally built in 1950 and has been recently renovated. The property has a total of 1,470 sqft of living space. Unit 803 has two bedrooms and 2 bathrooms. The unit has new interior and exterior paint, new laminate flooring, an updated kitchen with a stainless steel range and hood. There is a full bathroom between the bedrooms, and a second full bath in the hall. The rear unit (Unit 805) has one bedroom and one bathroom. It also has new interior and exterior paint and new flooring throughout. The bathroom has a new fiberglass tub and wall enclosure. The one car garage is partially finished with drywall and what appears to be a partially built bathroom. Rent for Unit 803 is $1,800 and $1,450 for Unit 805. The property is located just west of the 55 fwy near restaurants and shopping.
What we like about this Trust Deed opportunity:
- Orange County location
$3,250/month rental income - 6 months Guaranteed Interest
- Recently renovated
$65,000 2nd TD @11.00% Cash-Out, 12 Mos Term 69.22$ CLTV $32,500 Min Inv, Santa Ana, CA
