Successful real estate investor and experienced business owner sought a 1st TD business purpose cash out on this vacant land in Hemet, Riverside County, CA. Our loan will be used to make improvements to a separate 26.5 acre industrial property and modular home factory valued at $30 Mil. in Patterson, CA that the borrower owns free and clear. https://www.s2amodular.com/plan-room
This subject land is currently under contract and scheduled to close in June 2023 with a $500k hard deposit and in Escrow to the Church of Religious Science to be sold with an estimated close date of June, 2023. The property was listed at $5.95 Mil. The following is a link to the listing: https://www.willisallen.com/ListingDetails/1321-N-State-Street-Hemet-CA-92543/SW23009759
The subject property consists of three land parcels, APNs 439-030-009, 439-030-010 which are contiguous and 439-040-023 which is south of Crows Nest Place. The combined total area is 32.21 acres of predominately flat raw land. The property is zoned commercial manufacturing.
The subject property is located in an area that is developed with a mixture of commercial and residential properties. The State Route 79 is located to the northeast of the property and State Route 74 is just south of the property with Warren Road to the west.
What we like about this Trust Deed opportunity:
- Experienced real estate investors and successful modular home manufacturers
- 25.00% LTV, 24.06% Net LTV on Appraised Value
- 13.50% Annualized Investor Return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- $3,865,500 gross protective equity to investors
$1,288,500 1st TD @ 13.50%, 25.00% LTV Cash-Out, 24 mos., Land, $51,540 Min Inv, Hemet, CA
