1. Loan Purpose: President/CEO sought a 2nd Trust Deed on this owner occupied SFR located within the privately gated “Covenant Hills” suburban neighborhood in Ladera Ranch, Orange County, CA. The purpose of this loan is to pay off an existing and in good standing $346K 2nd TD business purpose loan and the balance used to reinvest into the growth of borrowers’ Orange County based real estate brokerage company. Borrower’s 1st mortgage is current with a principal balance of $1,938,000 with a fixed interest rate of 3.25%, P&I payment of $12,321/mo. maturing November 2051. $1,405,298 Net Equity Protection.
2. Property Description: The subject property is a traditional styled, two-story SFR in good condition with custom craftmanship, in the desirable suburban privately gated community of “Covenant Hills”, Ladera Ranch, CA. The subject offers a total of 5,189 SF on a .29 acres lot, consisting of a total of 13 rooms with 4 Bed / 4.5 Baths. The subject features a pool, spa, deck, fireplaces and a two-car attached garage. The subject property is very well located in Ladera Ranch with many amenities such as community pools, parks and clubhouses, surrounded by many schools, restaurants and shopping. The subject property is near Antonio Parkway, Crown Valley Parkway to the 5 FWY and Ortega HWY.
What We Like:
- SFR in privately gated “Covenant Hills” Ladera Ranch, Orange County, CA
- Desirable suburban community
- 12.00% Investor Yield
- Net CLTV 60.85% on $4.1M Sales Price (This loan is based on $3.9M 30 Day Quick Sale)
- $1,405,298 Net Equity Protection
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
$597,000 2nd TD @ 12.00%, OO, SFR, CO, 65.00% CLTV, 24 mo., $49 ,750 Min., Ladera Ranch, CA
