Successful Mortgage Vintage borrower, CEO and long-time successful business owner (Burger Busters, Inc.), burgerbusters.com, sought a cash-out business purpose 1st TD on this non-owner occupied property located in the exclusive Cameo Shores neighborhood in Corona Del Mar, CA. BurgerBusters Inc. currently owns and operates 82 Taco Bell restaurants; including 74 free-standing Taco Bell restaurants, 5 Taco Bell / Pizza Hut Express restaurants, and 3 TacoBell / KFC restaurants. The Company generates over $140,000,000 in annual sales and employs more than 2,600 employees. See Borrower Bio here: https://theorg.com/org/burgerbusters-inc/org-chart/tassos-paphites.
Borrower purchased the 2,600 s.f. SFR in July of 2023 for $8 million cash. The funds from this loan will be used to add 3,209 s.f and finish the complete renovation of the property. Borrower has put $3 Mil. of his cash into the remodel so far but needs an additional $2 mil. from our loan to finish construction. The other $2 Mil. Cash Out will be used to reimburse the borrower for his remodel costs so far.
The new construction subject property is a 5,809 sf single-family residence located inside the exclusive Cameo Shores neighborhood. Property is a single level with magnificent sit-down ocean views. The Project is being built by one of the premier builders in the coastal, area The Nicholson Company. Cameo Shores is one of the premier locations on the coast. This new home has 4 bdr and 4.1 bath with a 3 car attached garage.
What we like about this 1st Trust Deed opportunity:
- 9.75% yield to the Investor
- Successful previous Mortgage Vintage borrower
- Successful business owner
- Exclusive Corona Del Mar, CA neighborhood
- 37.38% LTV, and 23.39% LTV on After Repair Value
- Borrower has put in over $3 Mil. to the rehab so far
- New Construction
$4,000,000 1st TD @ 9.75%,37.38% LTV, CO, NOO, 24 mo. term, $125,000 Min Inv., Corona Del Mar, CA
