Successful repeat MVI borrower and real estate investor seeking a business purpose 1st TD on this non-owner occupied, 3-unit in Los Angeles, CA. The funds from our loan will be used to refinance the subject property. The exit strategy is to do a conventional refinance within the next 24 months.
The subject is a well maintained 2-story, multi-unit property located in a predominantly tenant occupied, evenly mixed SFR and multi-unit neighborhood. Sitting on a 6,694 SqFt lot, the home itself is 3,537 SqFt and consists of 3-units. There are 18 total rooms including 9 bedrooms, 5 bathrooms, 2 kitchens and 2 living rooms. The contemporary styled home also has a large driveway and a detached 2-car garage. The largest unit rents for $2,700/month, the middle unit rents for $2,400/month and the smallest unit rents for $1,800/month bringing in a total of $6,900/month. Net Operating Income is estimated to be $53,820/yr. which provides a Debt Yield Rate of 9.8% on the $550k loan amount. The property is conveniently located next to shopping, schools, medical facilities, transportation, parks, entertainment and the LAX airport.
What we like about this Trust Deed opportunity:
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- 10% Yield on a 1st TD
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- Non-owner occupied Triplex
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- 55.00% LTV and 53.49% Net LTV
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- 9 months’ Guaranteed Interest
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- 3 months’ Prepaid Interest
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- Previous successful MVI borrower
