Loan Purpose
Business owners sought a $199,850 business purpose 2nd Trust Deed cash out loan on this owner-occupied, nice suburban SFR property on a cul-de-sac in Fullerton, Orange County, CA. The borrowers will be using the loan proceeds to do some minor cosmetic upgrades to their rental property in Michigan and the balance placed in their real estate property management company. The exit strategy from our loan is a conventional refinance.
The borrower’s 1st mortgage is current with Mr. Cooper and has a principal balance of $727,357 with a fixed P&I interest rate of 6.625% until August 2055. The total monthly payment is $4,661.
Property Description
The subject property is a two-story traditional-style SFR in the “Gilman Park” neighborhood of Fullerton, Orange County, CA. The property’s kitchen and bathrooms were recently remodeled. The SFR offers 2,315 SF living area, on a large 12,650 lot. The property consists of 8 total rooms, 4 bedrooms and 3.5 bathrooms. The property features a front and backyard, pool, spa, patio, deck, fireplace, 2 car garage and 2 car driveway. The subject property is well located near many parks, shopping, entertainment, local schools, and the 57 FWY.
What we like about this Trust Deed opportunity:
- SFR partially remodeled, suburban “Gilman Park” Fullerton, Orange County
- $519,283 Net Equity Protection
- 6 months Prepaid Interest
- 3 months Guaranteed Interest
$199,850 2nd TD @ 11.00%, SFR, CO, 64.39% CLTV, 24 mo., OO, $39,970 Min., Fullerton, CA
