Business owner, experienced licensed General Contractor of https://www.floresconstructioninc.com/ sought a business purpose cash-out 2nd TD on this owner-occupied SFR in the “Lake Matthews” neighborhood of Perris, Riverside County, CA. Proceeds from this loan will be used to complete a fix and flip SFR rehab property borrower owns in Yucaipa, CA. Exit strategy: sale of fix and flip investment property.
The conventional 1st TD has a balance of $384,000 with a 2.875% rate, a $ $3,628/month P&I payment. 1st TD impounds taxes and insurance. The 1st TD matures March 2051.
The subject property is a one story, ranch styled SFR on Scenic View Road in Perris, CA. The subject property consists of 3.018 SF living area, sitting on a 2.49 acres lot. Subject property includes 4 Bedroom / 3 Bathrooms and features a fireplace, inground patio/deck. The subject property is surrounded by similar SFRs in an area with hilltop views of Lake Matthews. The subject is near local shopping, schools, restaurants, hiking trails and parks.
$174,000 2nd TD @ 12.25%, 60.00% CLTV, CO, OO, 24 mo. term, $58,000 Min Inv., Perris, CA
