Borrowers sought a 1st and 2nd TD cash-out bridge loan cross-collateralized on their current primary residence SFR in Downey, Los Angeles, CA and their future primary residence SFR in Fullerton, Orange County, CA. The funds from our loan will be used towards purchasing the Fullerton subject property currently in escrow while they are prepping to sell their Downey home which will be listed later this year. The 1st TD is on the Fullerton purchase home. The 2nd TD is on the Downey property that has a tiny 159k 1st TD that’s current and in good standing. Exit strategy is to pay-of our loan from sale proceeds of Downey property. Borrowers are bringing 175k cash to close for Purchase, have only a 13.25% current LTV on Downey property and over 600k in bank cash reserves. Borrowers have lived in Downey property for over 50 years, moving to Fullerton to be closer to grandchildren.
The Fullerton purchase subject property is a ranch style, fully renovated, turn-key SFR with 2,739 SF living space on a .28 acre lot. The subject property is located is the highly desirable “Las Palmas-Hermosa” neighborhood in Fullerton, CA. The subject property has 7 rooms, 3 BED / 2 BA , 2 car attached garage and features a nice backyard with a Treehouse and deck/patio. The subject property is very well located walking distance to Hermosa Elementary, Brea Mall, Regional Park, other schools, many large shopping plazas, restaurants, parks and 90 fwy.
The Downey subject property is a 2 story, traditional style, suburban SFR with 2,900 SF living space on a .17 acre lot in Downey, CA. The subject property has 7 rooms, 4 BED / 3 BA , 2 car attached garage. The subject property is very well located near many schools, shopping plazas, restaurants, Santa Fe Springs Park, just off 5 fwy and 605 fwy.
What we like about this Trust Deed opportunity:
- 2 owner occupied suburban SFRs
- 55.29% CLTV on two recent BPOs
- Combined BPO appraised value $2,655,000
- $1,188,000 gross protective equity
- 9.50% investor yield