Well known Pastor at Our Lady of Hope in Middle Village, NY, as well as a successful and experienced real estate investor sought 1st TD business purpose cash-out refinance on this investment property in Palm Desert, CA. Our loan will pay off the very small existing 1st TD of $13,000 which is current and in good standing with Wells Fargo. The rest of loan proceeds will be used for other investment opportunities. The borrower explained that a real estate opportunity is coming up and he would like cash on hand once it becomes available. The exit strategy from our loan is a refinance or to sell the property within the next 6-12 months.
The subject property is a 2 bedroom, 1 bathroom condominium/townhouse in the beautiful Indian Creek Villas of Palm Desert, CA. The home is 810 SF and sits on a 874 SF lot. parking includes an attached 1-car garage as well as one assigned parking space. The community has a pool, spa and laundry facilities. The subject is in close proximity to Palm Springs, Sky Valley, Coachella and Joshua Tree National Park as well as Golf Courses, shopping, restaurants, schools, and medical facilities. The rental income is $1,140 per month. The exit strategy of this loan is to refinance into a conventional loan. The borrower also has another rental property in Florida which rents for $1,375 per month.
What we like about this Trust Deed opportunity:
- Non-Owner Occupied SFR
- Very nice area of Palm Desert centrally located to many popular destination areas
- 6 months Prepaid interest
- 6 months Guaranteed Interest
- Successful real estate investor who currently owns two rental properties