Successful real investor sought a 1st TD business purpose cash-out refinance loan on these two non-owner occupied SFRs rental properties in Indio, Riverside County, CA. Funds from our loan will be used to pay off a current 1st TD, the balance of the funds will be used for minor remodeling on subject properties and towards a down payment on prospective new investment properties.
The subject property consists of two ranch style SFRs with 4,053 SF of rentable living space sitting on a 2.56 acre lot. The two SFRs have a total of 7 rooms , 5 BED / 2 BA. Both SFRs are fully occupied. One SFR earns $2,000 mo./rent and the other SFR earns $1,550 mo./rent. The subject property has 2 car detached garage. The properties are well located north-west of the 10 FWY, near popular Coachella Valley and is centrally located close to several golf courses, resorts, schools, shopping, and transportation.
What we like about this Trust Deed opportunity:
- Fully Occupied 2 SFRs
- 59.27% LTV and 56.61% Net LTV
- 6 months guaranteed interest
- 6 months prepaid interest
- Current total monthly rental income: $3,550