Business owner and real estate investor sought a $950K 2nd Trust Deed loan on this owner-occupied SFR located in Newport Beach, Orange County, CA. Loan proceeds will be used for Borrower’s Date Cultivation, packaging and sale business (Fountainhead Shrugged, LLC). The borrower secured Walmart as an account for their Coachella grown Dates and needs money to fulfill the Walmart order. This new loan of $950k will payoff an existing, in good standing with perfect payment record, existing MVI 2nd TD of $300k.
The subject property is a 2 story, Cape Cod style single-family residence that is very well located in the city of Newport Beach, Orange County, CA. The subject property offers ocean views from upstairs and consists of 3,600 sf of living space with 4 spacious bedrooms and 4 bathrooms. In addition, there is a separate unit, next to the garage, that is currently used as an office but could also be used as a Mother-In-Law unit. The home offers a 2-car detached garage. The subject property is located in the Newport Heights area near Newport Bay. The property offers a private backyard and is located across the street from a park. The subject property is located near Newport Harbor and Horace Ensign schools, shopping and entertainment.
What we like about this Trust Deed opportunity:
- Business owner, and real estate investor
- Orange County location
- 11.50% Investor Yield
- CLTV: 58.11% / Net CLTV 56.23%
- $1,550,000 Gross Investor Protective Equity
- 6 Months Guaranteed
- 3 Months Prepaid
- Previous, successful Mortgage Vintage borrower