Borrowers sought a 2nd Trust Deed on this non owner-occupied, investment Condominium located on “Sail Bay” – by Mission Bay – with unobstructed beach, bay and pool views in San Diego, San Diego County, CA. The purpose of this loan is to invest in borrowers’ ophthalmology business. Borrowers’ 1st mortgage is current with a principal balance of $614,500, a fixed interest rate of 3.25%, P&I payment of $2,824/mo. maturing October 2051.
The subject property is a contemporary styled Condo located in the “Bay Scene” building steps from the beach and Mission Bay. The subject offers 2 Bed / 2 Ba, with 1,559 SF living space. The subject complex features private beach, pool/spa, clubhouse, BBQ area, fitness center, secure parking & storage cabinets. The subject is fully occupied earning $5,500 monthly lease. The subject property is very well located on popular SailBay, surrounded by many tourist attractions, restaurants, shopping, parks, SeaWorld and water activities.
What we like about this Trust Deed opportunity:
- Waterfront, great location rental Condo
- 12.00% Investor Yield
- 59.98% CLTV
- 58.88% Net CLTV
- 6 months Prepaid Interest
- 3 months Guaranteed Interest
$525,000 2nd TD @ 12.00%, 59.98% LTV, NOO, Condo, CO, 24 mo. term, $52,500 Min Inv., San Diego, CA
