Experienced “fix & flip” and “fix & rent” real estate investor sought a business purpose cash-out 1st TD on this non-owner occupied, investment rental property in Landers, San Bernardino County, CA. Funds from our loan will be used to pay off an in good standing and small 25K 1st TD; balance of the funds will be used to complete minor upgrades on subject property. Borrower has multiple exit strategies: sale of property within year, conventional REFI within year after credit repair to keep as tenant rental or Airbnb for popular “Joshua Tree National Park” destination nearby. Borrower has put in 30k of personal funds to date on interior and exterior remodeling. After Repair BPO value: $209,000
The subject property is a single story, ranch style SFR in Landers, CA. The SFR sits on a 5 acres lot with 624 SF of living space. Subject property features 4 total rooms with 1 BR/1 BA, and fenced gate entry. Borrower is completing kitchen remodel and new driveway. The property is just North of “Joshua Tree National Park”; nearby ranches, desert styled Airbnbs and 10-15 minutes from shopping, schools, restaurants, and the 247 FWY. The subject property is currently occupied with tenant, earning $1,200/mo.
What we like about this Trust Deed opportunity:
- SFR Investment Property
- Near popular destination “Joshua Tree National Park”
- Fully occupied, earning total $1,200 per month
- After Repair BPO value of $209k
- Borrower has 30k “skin in game” to date on repairs to subject property
- Redfin As Is Value 153k
- 51.70% Net LTV
- 55.00% LTV
- 10.00% Annualized Return
- 6 months Guaranteed Interest
- 6 months Prepaid Interest
$77,000 1st TD @9.50%, NOO, Cash-Out 55.00% LTV, SFR, Landers
