Long-time successful CEO business owners and real estate investors sought a 2nd TD on this non-owner-occupied, fully renovated modern ranch styled SFR property. Borrowers residents of exclusive private beach community, “Three Arch Bay” Laguna Beach, bought subject property to renovate and sell for profit.
Subject property is a single story SFR with 4,792 SF living space located inside the exclusive “Del Mar Country Club” community https://www.delmarcountryclub.com/ with expansive golf course and mountain views sitting on 23,086 SF lot. The subject property consists of 9 rooms total with 4 bedrooms and 4.5 bathrooms. Amenities include 3 fireplaces, infinity pool & spa, deck/patio, 3 car attached garage and 10 car space driveway. Subject property is very well located, just east of the 5 FWY, near Del Mar racetracks, Fairbanks Ranch, many shopping plazas, restaurants and schools.
Borrowers have spent $3,600,000 invested to date on the luxury renovation and show over $3M cash liquidity in bank accounts. Subject property was a total new build/reconstruction. Nearly 100% of the existing structure was replaced. Floor plan was completely reimagined with relocated kitchen, pantry, great room, laundry room, master bedroom closet, bathrooms and more. All that’s remaining to complete is the hardscape, landscape and final stages of infinity pool. This loan will pay off an existing and in good standing, $1.5M 2nd Trust Deed and the balance to finish hardscape, landscape and final stage of new infinity pool.
What we like about this 2nd Trust Deed opportunity:
- Residents of “Three Arch Bay” Laguna Beach, bought property to renovate and sell for profit
- Very exclusive gated “Del Mar Country Club”, Rancho Santa Fe, San Diego
- 14.50% yield to the Investor
- 54.15% CLTV, 52.84% Net CLTV
- Over $3M Borrower cash reserves
- 6 Months Guaranteed Interest / 3 Mos Prepaid
- Net Equity Protection: $3,537,188
- Gross Equity Protection: $3,438,750
- 1st TD Current, Good Standing, Never Late, with Wells Fargo, fixed 3.50% Rate – both loans paid off with sale of property in 2024
