Experienced real estate investor, developer and successful Mortgage Vintage Fix and Flip borrower sought a 2nd TD business purpose cash-out on this SFR + 2 ADU’s investment property in Costa Mesa, CA. Funds from our loan will be used to build a third ADU ($200k) and will be held in Funds Control and the remainder…
High FICO real estate investor and successful business owner sought a $340,000 business purpose 2nd Trust Deed loan on this owner-occupied SFR in Santa Barbara, CA. The borrower was recently awarded an investment property in a divorce which has a few code violations that need to be repaired. To confirm, our subject property is the Owner…
Borrower is an Attorney and Partner at AALRR law firm in Pasadena, CA Borrower earns estimated $289K annual income from law practice. Borrower also had approx. $489K liquid assets which include $354K in retirement accounts. Borrower projects $34,800 monthly rental income from this sought after “Mid-Wilshire” location Four-Plex investment property when Two ADUs expansion completed.…
Borrowers sought a business purpose cash-out 2nd TD which will be used to build an ADU in the back of the property. The current 1st TD is conventional 30 year fixed with Wells Fargo, has a $178,000 balance, a 3.25% rate, and is in good standing. The subject property is a traditional 2,149 SF home…
More and more property buyers and Real Estate Investors want to find and buy a property where they can add an Accessory Dwelling Unit (ADU). An ADU is a secondary dwelling unit with complete independent living facilities for one or more persons. ADU’s generally include: Detached: The unit is separated from the primary structure Attached:…
Borrowers sought a business purpose cash-out 2nd TD which will be used to finish construction on an ADU in the back of the property. The subject property is a traditional 1,236 SF that sits on a huge 10,202 SF lot. It consists of 7 total rooms including 3 bedrooms, 2 bathrooms and a covered front…
Borrower and long-time business owner, architect, and designer sought a cash-out 1st TD to build an ADU on the subject property in historic Pioneertown, CA in San Bernardino County. The ‘Modern Wolfden,’ as the borrower calls it, will be a custom-built, modern 2 bedroom / 2 bathroom ADU with added privacy but also distinguished views…
What are the 2020 opportunities in ADU lending? This Blog is an update to our Additional Dwelling Unit (ADU) Blog published in Sept. 2018. Many new developments have happened in the last 1½ years relating to ADU’s that influence ADU requirements, development, construction, laws and financing. Recently I organized and spoke on a California…