Successful Mortgage Vintage Borrowers and Real Estate Developers sought a business purpose cash-out 1st TD on this non-owner mixed-use property in Santa Ana, Orange County, CA. Funds from our loan will be used to: 1) payoff an existing 1st and 2nd mortgage that are both in good standing; 2) start construction on another investment property owned by the Borrower.
The subject consists of one nearly rectangular-shaped legal parcel that contains 14,810 square feet (or 0.34 acres). The subject site is improved with a retail and residential live/work building consisting of five (5) three-story, mixed-use units that feature retail space and a two-car garage on the ground floor level and living space on the second and third-floor levels. The subject building improvement comprises 14,524 square feet of rentable building area based the subject’s approved site plans and reasonably supported by measurements taken at the time of inspection. The subject improvement was originally constructed in 2020 of Class D – wood frame construction. The subject property provides 14 on-site parking spaces, which include ten garage spaces (two per unit) and four open spaces, equating a parking ratio 2.8/unit square feet of building area. The subject property was 100% leased to 3 tenants at the time of inspection with expiration dates ranging from February 28, 2023 to September 30, 2023. The subject’s units are leased on an annual basis. Rental income is $22,140 per month.
What we like about this Trust Deed opportunity:
- Successful Mortgage Vintage borrower
- Orange County Location
- Non-owner Occupied Investment Property
- 9.25% Annualized Return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- $22,140/month rental income
$2,200,000 1st TD @ 9.25%, 45.08% LTV, Mixed Use, $68,750, Min Inv., Santa Ana, CA
