1. Loan Purpose:
Borrower sought a 2nd Trust Deed Bridge Loan on this owner-occupied property in the Santa Monica area. Loan proceeds will be used to prepare the property for sale and help with the Down Payment for the new home purchase. The Borrower will be listing the property for sale upon the purchase of his other property that is currently in escrow. The existing 1st mortgage is with EverBank and has a balance of $1,204,091, interest rate of 2.75%, and matures on June 1, 2051.
2. Property Description:
Located in the desirable Ocean Park neighborhood of Santa Monica, 2622 2nd Street, Unit #2, is a beautifully maintained three-story Victorian-style condominium offering 1,895 square feet of living space. This three-bedroom, three-bathroom residence features a thoughtfully designed layout with open-concept living, dining, and kitchen areas enhanced by quality wood and tile flooring, upgraded finishes, and abundant natural light. Notable amenities include three fireplaces, multiple balconies, and a private rooftop deck with city views—ideal for entertaining or relaxing. Originally built in 1982 and effectively aged at 20 years due to consistent upkeep and improvements, the unit is in C3 condition and rated Q3 for construction quality, reflecting above-standard craftsmanship.
The property includes two subterranean parking spaces and benefits from shared access to the 5,018 square foot lot. Central air conditioning and forced-air heating provide year-round comfort. Situated just blocks from the beach, the home is within close proximity to Main Street, Lincoln Boulevard, and a variety of shopping, dining, and entertainment options. Public transportation is readily available, and the area offers convenient access to local schools and recreational facilities. This residence blends classic architecture with modern amenities in a highly sought-after coastal location.
What We Like:
- Excellent income
- Santa Monica location
- 11 Month Term
- Investor Yield of 12.00%
