Real estate investor is sought a new business purpose cash-out 1st TD on this non-owner occupied investment property in Suisun City in Solano County. Funds from our loan will be used to payoff an existing 1st and a 2nd TD which is in default. The borrower suffered a broken back in a car accident and fell behind. Now healed and working, the borrower however does not have the funds to pay off the delinquent amounts on the existing liens and needs this new loan to provide the payoff. Any additional cash-out above the payoffs will be used to make improvements to the subject property.
The subject property is 1,308 SF ranch style SFR sitting on a 5,662 SF lot. The home has 9 total rooms with 4 BR/2 BA and a 2-car attached garage. The property is close to HWY 12 and centrally located to schools, entertainment, restaurants, shopping, parks and medical facilities. Rental income is $2,200/ month. Exit strategy from our loan is a conventional refinance.
What we like about this Trust Deed opportunity:
- Non-owner occupied investment property
- 11.50% annualized return
- 12 months prepaid interest
- 12 months guaranteed interest
- 56.56% Net LTV
- $2,200 rental income