Investor with a large real estate portfolio sought a business purpose cash out 2nd TD on this non-owner occupied mobile home park investment property in Rosamond, Kern County, CA. The purpose of these funds is to acquire another investment property related to a 1031 Exchange. Exit strategy from this loan is a conventional refinance to consolidate this loan and existing, in good standing $5.5M 1st TD and 2nd with Wells Fargo. The 2nd is a UCC Financing Statement associated with the Wells Fargo/Fannie Mae 1st TD that has a lien on the equipment and fixtures in the Mobile Home Park.
The subject property is a 147 unit “Tradewinds Mobile Estates” mobile home park “, sitting on 34.21 acres in the suburban bedroom community of Rosamond, CA that is located in the “High Desert”, Mojave Valley. The subject property features a community pool, clubhouse and well manicured lawns. The subject property earns $88,330/mo. in total rent roll. Subject property is nearby similar mobile home parks, close to schools, shopping centers, route 14 and public transit options to Bakersfield and Lancaster.
What we like about this Trust Deed opportunity:
- Experienced Real Estate Investor and Business Owner
- Subject property earning $88,330 in current monthly rent
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
- Borrower has substantial Schedule of Real Estate Owned
