Successful real estate investor and business owner sought a $500,000 business purpose 2nd Trust Deed loan on this non-owner occupied SFR investment property in Newport Beach, CA. The borrower is the Founder and CEO of Ducere Global Business School and will be using the loan proceeds for working capital and business expansion. Ducere currently has offices in the United States, Australia, the UK, and Africa and is looking to expand even further. The exit strategy from our loan is a refinance and/or pay off the loan from business proceeds.
The borrower’s 1st mortgage is with AXOS Bank and has a principal balance of $1,873,000 with a fixed interest rate of 4.875% until December 1, 2026, when the rate can adjust. The loan fully matures November 1st, 2049. The total monthly payment including taxes and Insurance is $11,499.60.
The subject property is a single-level farmhouse styled, 3,174 SF Single Family Residence sitting on a large 9,694 SF lot in the beautiful Dover Shores area of Newport Beach, CA. The home, which was recently renovated, consists of 12 total rooms including 5 bedrooms and 4 bathrooms. Perfect for entertaining, the home features an open floor plan with a spacious kitchen, large family room, formal living room with a fireplace, front patio with built in seating, and a great backyard that has a pool and spa. The subject property is located in the heart of Newport Beach just a short distance away from shopping, entertainment, restaurants and the beach. The property is currently being rented out for $7,000/month.
What we like about this Trust Deed opportunity:
- Successful real estate investor and business owner
- Beautiful and exclusive Newport Beach location
- 55.51% CLTV, 55.16% Net CLTV
- 10.50% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
$500,000 2nd TD @ 10.50%, 55.51% CLTV, SFR, CO, NOO, $50,000 Min Investment, Newport Beach
