Business owner and real estate investor is seeking a cash-out 2nd TD of this owner occupied SFR in Riverside County. Proceeds from this loan will be invested into the borrower’s investment business to pay for a build-out at their new office and build an online presence. Borrower entered into a Lease with Option to Buy Agreement in 2020 and exercised the option to buy this property at the $2.1 Mil. price in Mar. 2022. House is now worth $3.4 Mil according to the Appraisal and BPO.
Our subject property is a beautiful single-story SFR located in Rancho Mirage and sits on a 22,651 sq. ft. lot. The subject was built in 2009 and has 5,725 sq. ft. of living space with 6 total rooms – 4 bedrooms, 4.5 baths and 4-car attached garage. The home is in an incredible location with gorgeous views of the mountains from the backyard and well as partial city view from the front. The property is located near the Ritz-Carlton Rancho Mirage just south of the CA-111, near restaurants and shopping.
What we like about this Trust Deed opportunity:
- Previous successful MVI borrower
- Riverside County location
- 6 months Guaranteed Interest
- CLTV: 64.91%
- Net CLTV: 64.03%