Existing Mortgage Vintage borrower, real estate investor and local Laguna Beach Realtor sought a business purpose cash-out 2nd TD on this Ocean View SFR non-owner occupied rental property in Laguna Beach, Orange County, CA. Funds from our loan will be used to support this investment property’s overhead while borrower obtains a conventional loan to to payoff borrower’s existing $2,000,000 1st TD held by Mortgage Vintage and this new 2nd TD.
The subject property is a custom built 3,142 SF Spanish style SFR sitting on a 9,360 SF lot (.021 acres) with a panoramic white water view of the Pacific Ocean and Catalina Island. The home has 8 total rooms with 4 BR / 5BA and a 3-car attached garage. The property is located in the popular beach city of Laguna Beach and is close to Aliso Beach Park, schools, shopping, and restaurants.
What we like about this Trust Deed opportunity:
- Property location & ocean-view
- 10.00% annualized return
- 57.16% CLTV, 57.06% Net CLTV
- 3 months guaranteed interest
- 3 months prepaid interest
- Market rental income: $15,000