Experienced real estate investors sought a 1st TD loan to purchase these non-owner occupied 7 vacant land lots in Perris, Riverside County, CA. Borrowers intend to hold on to properties which are zoned for rural residential and build SFRs on each in the future or sell vacant lands as they increase in value. Borrowers are putting down $32,375 of their own money towards this Purchase.
Subject properties are all vacant lots that are on flat usable land in a quiet area, located in a rural residential neighborhood situated 1 mile away from major State Highway 74. The vacant lots each average 3,920 SF and are zoned for rural residential. Vacant lots are located near schools, shops, restaurants and major transportation corridors leading to Lake Elsinore to the West, Perris, Lakeview and Hemet to the East. There are several nearby older SFR homes built on varying lot sizes.
What we like about this Trust Deed opportunity:
- 50.00% LTV on BPO and 50.00% on Purchase
- Experienced Real Estate Investor
- 9.50% investor yield
- 6 months guaranteed interest