Borrower, successful real estate investor and business owner sought a business purpose cash-out 2nd TD on this non-owner occupied SFR in Santa Monica, Los Angeles County. Funds from our loan will be used to pay off the existing business purpose 2nd while the remainder of the proceeds will be invested into the borrower’s expanding medical related business. The borrower owns an apparel business which provides PPE and Apparel to hospitals (gowns, masks, etc.). The exit strategy from our loan is a conventional refinance.
The subject property is a two-story Mediterranean/Spanish styled home sitting on a large 7,522 SF lot with a private gated entry and fenced yard. The home is 3,943 SF with 14 total rooms including 5 bedrooms, 5 bathrooms, and a 2-car attached garage. The subject features vaulted ceilings, a den with a private patio, four fireplaces throughout the home, a pool and jacuzzi and a pool house with an outdoor dining area.
$875,000 2nd TD @ 11.00%, 70.00% CLTV on Value, 67.90% net CLTV, sfr, 24 mos., 6 mos guar., Santa Monica, CA