Previously successful Mortgage Vintage Inc. borrowers, real estate investors and business owners sought a 1st TD to purchase this mixed use, non-owner occupied, commercial & residential investment property in Santa Ana, Orange County, CA. Borrowers own several other properties on the same “Main Street” in Santa Ana, CA. This subject property acquisition is an expansion of their Santa Ana real estate portfolio. Borrowers brought $200k of personal funds, “skin in game” to closing. Borrower’s has a number of Sisters that are Hair Stylists with established clientele that will be moving to one of the retail units.
The subject property is a 4,236-SF, 2-story mixed-use commercial/residential building on a 7,841-SF site. The subject property is configured into two ground-level retail units, two second-level office/retail units, and a residential unit. The property has 10 surface parking stalls to service the retail operations. The property is fully occupied, earning $8,250 mo. / rental income. The subject property is very well located near many similar commercial buildings, shops, restaurants, schools and in close proximity to 5, 55 and 405 freeways as well as the John Wayne Airport.
The Seller was anxious to close and the borrower has decided to pursue a private money option to purchase the property vs. waiting for conventional financing. Exit strategy from our loan is a commercial refinance after improvements are made to the property and rents are increased.
What we like about this Trust Deed opportunity:
- Previously good paying MVI borrower
- Santa Ana Main St. location for Owner User
- Mixed Use Investment Property with 3/2 SFR and 4 retail units
- 8.75% Annualized Return
- 6 months Guaranteed Interest
- $8,250/month current rental income with upside potential
- 100% occupied property