Borrower sought a 1st TD refinance loan on this non-owner occupied SFR investment property in Monrovia, Los Angeles County, CA. Funds from our loan will be used to pay off an existing reverse mortgage (227k). Borrower’s father owned this subject property. Father recently passed away and borrower inherited this subject property. The subject property is in a Trust and Borrower is a Trustee of the Trust. There is currently a reverse mortgage on the property which must be paid off since the father has passed.
The subject property is a ranch style, SFR with 1,488 SF living space on a .18 acre lot. The subject property has a total of 7 rooms, 3 Bed / 2 Bath and an attached 2 car garage. The subject property features a large backyard with a pool/spa. The SFR subject property is fully occupied. Tenant pays $2,200 mo./rent on a 3 year lease. The subject property is in a desirable suburban neighborhood, well located north of the 210 FWY, near many local schools, shopping, grocery stores and restaurants.
What we like about this Trust Deed opportunity:
- SFR Investment Property, desirable suburban neighborhood
- Existing $2,200 rental income / 3 year lease
- 9 months guaranteed interest
- 31.03% LTV
