Borrower is real estate investor and 30 year experienced developer will be using these loan proceeds to 1) payoff and existing 1st mortgage and 2) for ground up construction to develop a fully entitled and permitted 4-unit condo project in the City of Pico Rivera. Grading is complete and the site is shovel ready which is why the const. budget is $649k for 6k s.f. of building.
The subject property, after construction, will be a 4-unit condominium complex and will consist of a total of 6,000 square feet on a 10,630 acre lot. Two of the condo units will be 1,450 square feet and 2 of the units will be 1,550 square feet. Each unit will consist of 3 bedrooms/2 bathrooms. All units will have wood flooring throughout, granite counter tops, fire sprinkler systems, washer and dryer units, central air and heat, and 2 car garages. The subject property is located just east of the 5 Fwy and west of 605 Fwy and is near shopping, entertainment and easy freeway access.
What we like about this Trust Deed opportunity:
- Experienced real estate developers
- Non-Owner Occupied investment property
- 60% LTV and 58.50% Net LTV on ARV
- $649k in Funds Control (100% of Construction Budget)
- 6 months Guaranteed Interest and 3 mos. prepaid interest