Successful LA based Architect/Builder borrower sought a 2nd TD cash-out bridge loan on this owner-occupied SFR w/ ADU property in Culver City, Los Angeles, CA. The funds from our loan will be used to pay-off a small, current 182k HELOC and the remaining funds will be used to purchase the borrowers new out-of-state primary residence that was in escrow. Borrower prepped the Culver City subject property for sale and will be listed for $2,499,000. Borrower custom-built this subject property in 2005 and added the ADU in 2018. Borrower’s retiring and moving to Texas.
The subject property is a tri-level, custom built SFR and ADU with 4,200 of total living space on a .11 acre lot. The subject property is located on a quiet tree-lined street near the Arts District of Culver City with a total of 12 rooms, 6 BED / 4.5 BA. The main home has 2,912 SF of living space with 4 BED / 3.5 BA and an office / loft. The ADU has 2 BED / 1 BA with 1,288 SF of living space. The ADU is fully occupied, earning $3,100 monthly rent. The subject property is very well located just walking distance to Popular Downtown Culver City “Arts District”, near La Cienega & Venice Boulevards, just south of the 10 FWY and nearby many entertainment industry businesses, restaurants shopping, parks and schools.
$600K 2nd TD @ 10.50%, 51.27% CLTV, SFR, 11 Mos Culver City
