Executive Summary
Borrowers sought a 2nd TD business purpose cash-out loan secured by an owner-occupied, full renovated single-family residence located in Cedar Glen, San Bernardino, CA – located 1 mile from Lake Arrowhead. The purpose of this loan is reinvestment into their high-end fashion and design Flaunt magazine.
Property Overview
The subject property is a full renovated, two-story traditional-style single-family residence in Cedar Glen with mountain views, next to Lake Arrowhead. Since they purchased the property, the borrowers gutted the property and fully renovated it. They added more square footage and added a room in the basement and rebuilt the backyard with an in ground pool. The home offers 2,816 square feet of living space on a 2.54 acres lot, comprising 6 total rooms, including 2 bedrooms and 2.5 bathrooms plus an additional 456 SF in the basement with an additional 3 rooms. Additional amenities include two stone fireplaces, modern kitchen, wood beam ceilings, loft, four-car attached garage, a deck, patio, pool and spa. The subject is well located near Lake Arrowhead, hiking trails, parks, restaurants.
Loan Highlights
- Beautiful, recently renovated SFR home near Lake Arrowhead
- Attractive investor yield of 12.00%
- Net investor equity position of $745,500
- Performing 1st TD
- 6 months of guaranteed interest
- 6 months of prepaid interest
- 65.00% CLTV / 64.16% Net CLTV
$264,500 2nd TD @ 12.00%, SFR, CO, 65.00% CLTV, 24 mo., OO, $26,450 Min., Cedar Glen, CA
