Previous successful MVI borrower and highly experienced general contractor was seeking a business purpose 1st TD to purchase this SFR in Orinda, CA in Contra Costa County. Upon the close of escrow the borrower then put his 15 years of experience to work to remodel the kitchen, bathrooms, replace the roof and paint the home. The borrower only needed purchase money on this transaction, he will be used his own funds for the rehab.
The subject property is a contemporary style 3 BR/3 BA SFR with 7 total rooms and a 2-car detached garage. The home has 1,687 SF of living area and sits on a .61-acre lot. The home features a fireplace and patio as well as tree-lined views. This home needed some TLC, but it’s located in the Orinda Foothills neighborhood near quality schools, shopping, recreation and medical facilities. Berkeley is only 20 minutes away by HWY 24 and Redwood Regional Park is just a 15-minute drive as well. Exit strategy from our loan is the sale of the property.
This loan is an 82.03% LTV on the purchase price of $800k and 75.00% on the BPO value of $875k. Loan structure features 3 months of guaranteed interest and 9.50% annualized return.