Real Estate Investor, Business Owner & W2 Wage earner sought a cash-out 2nd TD on this non-owner occupied SFR in Visalia, Tulare County, CA. The borrower just purchased a third investment property in all cash and our loan proceeds will go towards the construction of a new SPEC home on that land. The borrower expects the home to be completed in 6-12 months at which time, he will sell the home and payoff our loan and the 1st TD with the proceeds. The existing 1st TD is a conventional 30 year fixed with a balance of $42,000 and a 4.5% rate. The loan is current and in good standing and has a total PITI payment of $751.32/ month. The borrower has a successful track record of ‘Fix & Flips’ and has another ‘Free & Clear’ Investment property in Tulare, CA. To confirm, the subject property we are doing a loan on will not be having any rehab done to it.
The subject property is traditional ranch styled SFR which sits on a 6,098 SF lot. The home consists of 1,287 sf and offers 7 total rooms including 3 BR/2 BA and an attached 2-car garage. The property is centrally located to schools, entertainment, restaurants, shopping, parks and medical facilities. Rental income is $1,100/month. Exit strategy from our loan is a payoff from sale proceeds of newly acquired investment Fix & Flip.
What we like about this Trust Deed opportunity:
- Non-Owner Occupied SFR Investment Property
- 13.00% annualized return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- $1,100 rental income
- Borrower is W2 fully employed worker Bank of the Sierra
$145,000 2nd TD @ 13.50%, 60.00% CLTV, SFR, NOO, $36,250, Min Inv., Visalia CA
