Loan Purpose
Repeat successful Mortgage Vintage borrower and real estate investor sought a 2nd TD business purpose loan on this owner occupied SFR gated community with a private golf course and clubhouse on the golf course in Indian Wells, Riverside County, CA. The loan proceeds will be used for cosmetic upgrades on a recent investment SFR purchase borrower bought in Palm Desert. Borrower will pay off this new loan through sale of the Palm Desert investment flip property. The 1ST TD is current and in good standing with $936K principal balance, 7.75% fixed rate, $7,716 PITI monthly payment maturing in July 2065. Borrower also owns a rental investment property in San Clemente, Ca.
Property Description
The subject property is a single story, Spanish Mediterranean styled SFR located in Indian Wells, CA 92210, in Riverside County, situated within a gated community featuring a private golf course and clubhouse. Built in 1966 and remodeled in 1980, the home offers approximately 3,236 square feet of above-grade living space on a 0.23-acre lot. The property includes 3 bedrooms and 3.5 bathrooms and attached two-car garage. Interior amenities include a fireplace, deck/patio area, spa, and an in-ground pool. The overall condition of the home is rated good, with no repairs recommended. The market area is reported as stable, and the property is considered marketable with an estimated marketing time of approximately 60 days. Property is centrally located near many restaurants, shops, golf courses and near the 111 HWY and 10 FWY.
This loan is based on the lower $1.90M 30 day quick sale value. The regular sales price for a 60 day marketing timeline is $2,200,000 value which is supported by recent comparable sales in the BPO, including one similar nearby property that closed at $2,200,000 and others ranging from $1.9M to $3.4M. The subject’s price per square foot falls within the range of these closed sales, supporting the valuation based on actual market activity within the same gated golf course community.
What we like about this Trust Deed opportunity:
- Repeat MVI borrower and real estate professional and investor
- Good condition and well-located property in golf course, gated community in Indian Wells
- Low 59.79% LTV and 59.05% Net CLTV
- 6 months Guaranteed Interest
- 6 months Prepaid Interest
- Protective Net Investor Equity $1,077,990
- Exit strategy: sale of one of borrower’s investment fix and flip properties
