1. Loan Purpose: Borrower and real estate investor sought a business-purpose cash-out loan secured by a 2nd Trust Deed on this owner-occupied residence in Laguna Beach, CA. Proceeds from this loan will be used for the Borrower to complete improvements on an investment property in Bishop, CA to prepare it for sale. The existing 1st TD is a $500,000 HELOC with Wells Fargo Bank with a balance of $489K. This account will be closed as a requirement of loan funding.
2. Property Description: The subject property is a 3,048 sq. ft. single-family residence located at 1081 Katella Street, Laguna Beach, CA 92651. Built in 1963 and situated on a 5,000 sq. ft. lot, the home features 4 bedrooms, 3.5 bathrooms, a pool, spa, attached 2-car garage, and high-end fit and finish throughout. The home sits on a double lot and boasts excellent ocean views in a desirable neighborhood. The property has been meticulously renovated and is in excellent condition.
What We Like:
- Borrower has owned the property for nearly 30 years
- Excellent condition property with high-end renovations and ocean views
- Low 18.67% CLTV
- Strong location in highly desirable coastal Laguna Beach neighborhood
