Loan Summary
Borrower sought a 2nd TD business purpose cash out refinance on this owner occupied condo in the “Faubourg St. Denis” luxury boutique 22-unit condo complex in the highly desirable Hancock Park / Mid-Wilshire / Beverly Hills area of Los Angeles. The loan proceeds will be used to pay off an existing and in good standing $345,000 business purpose 2nd TD and the balance used to complete a memoir centered on, celebrity, Gene Kelly. The exit strategy is business proceeds or HELOC. Loan based on the lower BPO 30 Day Quick Sale value of $2,100,000. The Regular Sales Price Sale $2,200,000,
The 1st TD loan is current, in good standing with a principal balance of $758,392 with US Bank with a low 5.78% fixed 30 year rate, a PITI monthly payment of $5,100, maturing in January 2048.
Property Description:
The subject property is located at Faubourg St. Denis, a French Normandy styled, luxury boutique 22-unit condo complex in the highly desirable Hancock Park / Mid-Wilshire area of Los Angeles. The unit is a large, corner-positioned, tri-level residence offering approximately 2,991 square feet with 3 bedrooms and 5 bathrooms, making it one of the largest and most unique units in the building with added privacy. The complex features strong amenities including a pool, spa/jacuzzi, fitness center, gated access, secured parking, and landscaped courtyard areas. The unit itself includes custom interior finishes such as imported flooring, upgraded fixtures, a fireplace, and a private patio. Valued of the asset is supported by strong comparable sales and benefits from proximity to Beverly Hills, The Grove, and major retail and employment hubs. Overall, this is a high-quality asset within a well-amenitized, boutique complex, with the added premium of a larger corner unit.
What we like about this Trust Deed opportunity:
- Desirable Hancock Park, Beverly Hills luxury condo complex
- 12.50% Investor Rate
- Low fixed 5.78% 30 year rate on 1st TD with US Bank
- Loan Based on lower $2.1M 30 Day Quick Sale value
- IRA Investor Investment accepted
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
