Successful, existing Mortgage Vintage Inc. borrower and experienced real estate investor sought a blanket 1st TD business purpose cash out loan on these two non-owner occupied condo rental properties in Indio, Riverside County, CA. The funds from this loan will be used to refinance both investment properties in order to get funds to make minor renovations on some other investment properties. Borrower runs many successful short-term rental (VRBO and AirBnB) properties including these 2 Indio Condos.
The first subject property is a contemporary-style condo located in the “Indian Palms Country Club” in Indio. The subject property is on a 871 SF lot with 704 SF rental living space. The subject property has 2 Bed & 1 Bath and features a nice backyard view of the community swimming pool. The current tenant pays $1,975/mo in rent. The property is located near the CA-111 HWY just south of the 10 FWY inside the Indio Palms Country Club and Resort and is near other country clubs, resorts, schools, restaurants, shopping and parks.
The second subject property is a traditional-style condo in Indio. The subject property is on a 1,742 SF lot with 1,018 SF rental living space. The subject property has 2 Bed & 2 Bath and 1 car attached garage. The subject property features a nice outdoor deck/patio. The current tenant pays $2,100/mo in rent. The property is located near the CA-111 HWY just south of the 10 FWY and just across from the Indio Palms Country Club and Resort and is near other country clubs, resorts, schools, restaurants, shopping and parks.
What we like about this Trust Deed opportunity:
- Non-owner Occupied Investment Property
- 10.50% Annualized Return
- 6 months Guaranteed Interest
- 2 months Prepaid Interest
- $4,075/month rental income
- Stable, repeat borrower
$331,500 1st TD @10.50%, 65.00% LTV, CO, Condo, $33150 Min Inv, Indio CA
