1. Loan Purpose: Borrowers and family run business owners sought a 2nd Trust Deed on this owner occupied SFR located in a suburban neighborhood in Long Beach, Los Angeles County, CA. The purpose of this loan is to pay off an existing and in good standing $63K 2nd TD business purpose loan and the balance used to reinvest into borrowers’ Long Beach based Family operated auto repair and autobody shop.
2. Property Description: The subject property is a ranch styled, two-story SFR in good condition in a suburban neighborhood of Long Beach, CA. The subject offers a total of 2,531 SF on a .15 acres lot, consisting of a total of 8 rooms with 5 Bed / 3 Baths. The subject features a spacious backyard and two-car-attached garage. Subject property is located within a mile radius to schools, shopping centers, and the I-710 & I-405 highways.
What We Like:
- SFR in nice condition
- Desirable suburban community in Long Beach, CA
- 11.75% Investor Yield
- $543,344 Net Equity Protection on $1.19M Sales Price
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
$200,000 2nd TD @ 11.75%, OO, SFR, CO, 60.01% CLTV, 20 mo., $50,000 Min., Long Beach, CA
