Borrower and real estate investor sought a business purpose cash-out 1st TD on this non-owner occupied 4 plex property in Redding, CA in Shasta County. Funds from our loan will be used to payoff an existing $83k 1st lien and for improvments to the property.
The subject property is a 4 plex with each unit consisting of 672 sf for a total of 2,688 sf. Property is on a large 3.79 acre lot (165,092 sf). Each unit is a 2 BR/1 BA and two units have a 1-car carport. The subject is located in a rural neighborhood. The property is located just south of the Redding City center, West of the Sacramento River, in a more rural part of the city. Total Rental income is $4,000/month. Exit strategy from our loan is a conventional refinance.
What we like about this Trust Deed opportunity:
- Non-owner Occupied Investment Property
- 11.50% Annualized Return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- $4,000/month rental income