Successful real estate investor and developer sought a business purpose 1st TD cash-out of his investment property to be used as working capital for a real estate development project in Monterey, CA. This beautiful ocean view manufactured home in the Solamar Community sits on a permanent foundation (433A certification on file) and is only a few steps away from the beach.
The subject property is an upgraded traditional style home with 1,977 SF of living area and 8 total rooms including 3 bedrooms and 2 bathrooms along with a carport. The remodeled home features a grand living area with large beach-facing windows and a patio with 180-degree views of the ocean. The kitchen is upgraded with granite counters and stainless steel appliances. The home is situated within arms reach of the North Ponto and Carlsbad beaches as well as next to the 5 freeway, schools, shopping, restaurants, and medical facilities. The exit strategy from our loan is a conventional refinance and/or to payoff from proceeds from the Monterey project.
What we like about this Trust Deed opportunity:
- Carlsbad, San Diego County location
- 55% LTV and 53.73 Net LTV
- Non-Owner Occupied
- Very successful real estate investor
- 6 months Guaranteed Interest
