Successful, existing Mortgage Vintage Inc. borrower and experienced real estate investor sought a 1st TD business purpose cash out loan on this non-owner occupied condo rental property in Indio, Riverside County, CA. The funds from this loan will be used towards a down payment on a new real estate acquisition.
The subject property is a contemporary style condo located in the “Indian Palms Country Club” in Indio. The subject property is on a 871 SF lot with 704 SF rental living space. The subject property has 2 Bed & 1 Bath and features a nice backyard view of the community swimming pool. The borrower just closed escrow on this subject property and will be listing it for rent soon. The market rent in area is $1,600 mo./rent. The property is very well located near the CA-111 HWY and 10 FWY intersect, located inside the Indio Palms Country Club and Resort as well as many other country clubs, resorts, schools, restaurants, shopping and parks.
What we like about this Trust Deed opportunity:
- Successful Mortgage Vintage Borrower
- Experienced Real Estate Investor
- 8.00% yield
- 3 months prepaid
- 60.00% LTV