Borrowers sought a business purpose 2nd Trust Deed on this fully remodeled, ocean-front, owner-occupied condominium in the private community of “Laguna Lido” in Laguna Beach near popular Thousand Steps and Table Rock beaches. The purpose of this loan is to pay off an existing $484K 2nd TD in good standing and the balance will be invested into borrowers’ licensed platform used by CPAs and small business owners to facilitate tax credits and refunds. Borrowers’ 1st mortgage is current with a principal balance of $936,694 a fixed interest rate of 4.625%, P&I payment of $7,899/mo. maturing May 2052. Borrowers using private money for speed of transaction.
The subject property sits on the beach, oceanfront, with extensive views of the Pacific Ocean and Catalina Island in a private complex called “Laguna Lido” in South Laguna Beach. The subject is a one-story, condominium in excellent condition, with a total of 4 rooms, 2 Bed / 2 Bath with 1,056 SF living space. The subject features recreational facilities: Pool/Spa, Steam Room, Gym/Exercise Room, Billiard Room, and Card Room. Additionally, the subject offers beach lockers and direct beach access and a 1 car designated garage. The subject’s recent remodel included, custom cabinets throughout, kitchen remodel (quartzite countertops, backsplash), wood flooring, California closets in master, quartz in both bathrooms, stone/tile shower walls, updated appliances, new water heater, water treatment system.
This subject is very well located in popular beach town of Laguna Beach, near Aliso Creek and the Montage Resort, sits on the beach, surrounded by many similar beachfront properties, schools, restaurants, shopping, hiking trails, parks, and on PCH Hwy.
What we like about this Trust Deed opportunity:
- Oceanfront in Laguna Beach, Fully Remodeled Condominium
- 12.50% Investor Yield
- 60.83% CLTV on recent appraisal
- 58.63% Net CLTV
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
- Lower credit score impacted by a Credit Dispute
$1,010,000 2nd TD @ 12.50%, OO, Condo, 60.83% CLTV, $40,400 Min., Laguna Beach, CA
