Successful business owner is sought a business purpose cash-out 2nd TD on this owner occupied SFR in Newport Beach, Orange County, CA. The majority of the loan proceeds will be used to support the expansion of the borrower’s growing Telemedicine business “Pioneer Technologies Solutions” and the balance of the funds will be held in funds control and used to remodel the subject property.
The subject property is a one story SFR that has 3,561 SF of living space and sits on a large 10,227 SF lot, on a cul de sac, corner lot in the highly in demand Baycrest North community of Dover Shores in Newport Beach. The subject property has 5 bedrooms, 3 baths (5 baths after remodel) and 3-car attached garage. The home features a well-maintained backyard, pool and spa. The subject property is conveniently located close to the 55, 73, 405 freeways. The subject property is very close to Upper Newport Bay, many popular Pacific Coast Ocean beaches, Mariners Park, 17th St. Shopping, and other shopping centers, restaurants, and award winning schools. The new proposed improvements to the subject property will be “high end’ throughout.
What we like about this Trust Deed opportunity:
- Highly desirable Newport Beach location
- 10% Investor Yield
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- Validated construction Budget by the Funds Control Co. General Contractor
- Borrower using reputable Architect and General Contractor
$607,500 2nd TD @10.00% 64.73% CLTV 48.49% Net LTV $60,750 Min. Investment, Newport Beach
