Borrower is an Attorney and Partner at AALRR law firm in Pasadena, CA Borrower earns estimated $289K annual income from law practice. Borrower also had approx. $489K liquid assets which include $354K in retirement accounts. Borrower projects $34,800 monthly rental income from this sought after “Mid-Wilshire” location Four-Plex investment property when Two ADUs expansion completed.
In addition to the $230K down payment when investment property purchased, borrower is investing another $50K “Personal Skin in Game” to ADU Project in addition to our loan. 100% placed in Funds Control.
Real estate investor sought a $452K 2nd Trust Deed ADU construction loan on this owner-occupied, multifamily residential investment property in the popular “Mid-Wilshire” – Beverly Center-Miracle Mile neighborhood of Los Angeles, CA to convert this Duplex into a Fourplex by adding two income generating rental ADUs to the subject property.
Mortgage Vintage had an independent 3rd party conduct a Construction Feasibility Report that confirmed the 100% Funds Control from this loan will complete the ADUs project with a recent After Completion Appraised value of $2.5M.
The borrower’s current and in good standing $1.17M 1st TD is a conventional loan, 30 year @ 3.625% interest rate. Exit strategy: conventional refinance
The subject property after completion will be a traditional style multifamily residential property located in “Mid-Wilshire”, one of the most highly desirable areas in Los Angeles, CA. The subject property will consist of 1 owner occupied unit and 3 rental units with a combined 3,974 SF of rentable living space on a large 6,500 SF lot. All combined there will be a total of 21 rooms, 9 Bedrooms / 5 Bathrooms. The property features a porte-cochère to the 3 garages in back as well as a storage unit and extra space for parking. The expansion project includes converting existing detached garage into a 2 Bedroom / 2 Bath ADU and a new 1 Bedroom / 1 Bath ADU to detached garage. All architectural drawings and plans in investor dropbox.
Subject property is surrounded by similar SFRs and Multifamily properties, parks, shopping, restaurants, the LA Museum of Art, just off South La Brea and Olympic Blvd. with a short drive to the 10 freeway for commutes.
What we like about this Trust Deed opportunity:
- Partner Law Firm and Real Estate Investor
- Multifamily income generating rental “Mid-Wilshire” LA neighborhood
- 12.25% Investor Yield
- CLTV: 64.20% / Net CLTV 59.79%
- $894,889 Gross Investor Protective Equity on recent $2.5 ARV value
- 6 Months Guaranteed
- 6 Months Prepaid
$452,000 1st TD @ 12.00%, 64.88% CLTV, ADU, OO, Duplex $45,200 Min Inv, Los Angeles, CA