1. Loan Purpose: Previous successful Mortgage Vintage Borrower sought a business-purpose cash-out loan to fund upgrades to a non-owner-occupied investment property located in Dana Point. The property serves as a facility for the Borrower’s licensed rehabilitation business. Loan proceeds from this 2nd TD will be used to improve the property to better serve the business.
The Borrower currently has a 1st TD with an estimated balance of $515,000. The 1st TD is held by U.S. Bank with an interest rate of 4.75% and a monthly payment of $2,648.62, maturing on February 1, 2050.
2. Property Description: The subject property is a 2,072 sq. ft. single-family residence located at 34062 Amber Lantern St., Dana Point, CA 92629. Built in 1947 and situated on a 4,494 sq. ft. lot, the property features 4 bedrooms and 2 bathrooms, a detached 2-car garage, and a peek-a-boo ocean view from the front deck. The home is centrally located in downtown Dana Point, just a block from shops and restaurants, making it highly desirable for business and residential purposes.
What We Like:
- Strong equity position with CLTV under 55%
- Prime Dana Point location, walking distance to restaurants, shops, and amenities
- Borrower has a defined business-use plan and a realistic repayment strategy
$500,000 2nd TD @ 12.00%, SFR, CO, 46.13% CLTV, 12 mo., NOO, $50,000 Min., Dana Point, CA
