Previous successful Mortgage Vintage borrower and real estate investor/General Contractor builders sought a business purpose construction loan 1st TD on this Perris, CA lot that was purchased in May, 2018. Borrowers successfully acquired permits and entitlements to build this SFR. Funds from our loan are being used to payoff an existing seller carry back lien on the property as well as fund the construction of the approved and permitted project.
At completion, the new home will be a 2,061 SF single-story ranch style SFR with 7 total rooms with 4 BR/2.5 BA and 3-car attached garage on a 1.35-acre lot. As this is a new construction, the home will feature all new appliances, cabinets, plumbing, electrical, central air, finishes, lighting, windows and doors. The property is situated near I-215 and a short drive from Lake Mathews and the Lake Perris Recreation Area at the Perris Reservoir. Schools, shopping, restaurants, recreation and medical facilities are all located nearby. The construction budget to bring this project to completion is $200,000 and we will be holding back $170k in Funds Control. Exit strategy from our loan is the sale of the property.
What we like about this Trust Deed opportunity:
- Previous Successful MVI Borrower family
- $170,000 Funds Control or 100% of Construction Budget
- $80,52 borrower skin in the game
- 11.50% annualized return
- Completed Permits and Entitlements