Long time successful real estate investor/flipper, business owner and borrower sought a 1st TD to purchase this SFR investment property in Corona, CA. Borrower plans to use $100k in equity from another investment property they own free and clear as a down payment for this property, and then this loan will be used to secure the rest of the financing. The borrower plans to rehab the property and add an ADU with there own personal funds. Once the property is fully rehabbed, the borrower plans to sell the home and pay this loan off.
The subject property is a craftsman styled home that sits on a large 7,405 sq ft lot, has alley access and has a huge backyard with a storage shed. The existing home is 800 sq ft and has 5 total rooms including 3 bedroom and 1 bathroom. The borrower plans to add an Accessory Dwelling Unit (ADU) to the property and put new carpet in throughout the home, new laminate flooring in the kitchen and living room, repair the boiler and house heater and paint the entire interior and exterior. The home is located in a great part of Corona next to schools, shopping, restaurants, parks and medical facilities.
What we like about this Trust Deed opportunity:
- Great location in Corona
- 6 months guaranteed interest
- Non-owner occupied investment property
- Experienced real estate investor and landlord
- Large lot with ADU potential and substantial After Repair Value upside$378,250 1st TD @ 7.25%, 85.00% LTV on Purchase, 74.17% LTV on ARV, SFR, 36 mos., 6 Mo. Guar. Corona, CA
