Brief Overview
Loan Scenario
Business owner sought a $520,000 business purpose 2nd Trust Deed cash out refinance loan on this owner-occupied SFR with canyon views in the desirable University City neighborhood of San Diego, San Diego County, CA. The borrower will be using the loan proceeds to pay off a current and in good standing existing 2nd TD loan, and the balance of the loan proceeds will be used for working capital for borrower’s medical device company.
The borrower’s 1st mortgage is current and in good standing with PennyMac and has a principal balance of $691,527 with a fixed interest rate of 2.99% maturing in December 2051. The total monthly principal interest payment including taxes and Insurance is $3,174.
Property Description
The subject property is a well-maintained 5-bedroom, 3-bathroom, 2,636 SF single-family residence located in the desirable University City neighborhood of San Diego. The home sits on a 0.15-acre corner lot and features a bi-level architectural design with an open, functional floor plan. The property benefits from extensive canyon views, multiple tiered backyard patios. The home includes a converted two-car garage. The interior reflects good maintenance with quality upgrades, updated flooring, and refreshed interior paint.
The exterior is similarly well kept, featuring roofing with solar, wood, and stucco siding, and landscaped grounds. Additional amenities include a fireplace, multiple patios/decks, and a balcony off the primary bedroom. The subject is well located near shopping, schools, parks, restaurants, entertainment, and the 5 FWY.
What we like about this Trust Deed opportunity:
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Good condition SFR in San Diego with canyon views
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Low 2.99% Fixed 1st Mortgage
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Protective Net Investor Equity $699,847
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6 months Prepaid Interest
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6 months Guaranteed Interest
$520,000 2nd TD @ 12.50%, SFR, CO, 64.61% CLTV, 24 mo., OO, $52,000 Min., San Diego CA
