Successful real investor sought a 1st TD business purpose rate and term refinance loan on these two non-owner occupied rental properties in Indio, Riverside County, CA. Funds from our loan will be used to pay off a maturing current 1st TD.
The subject property consists of two SFRs with 4,053 SF of rentable living space sitting on a 2.56-acre lot. The two homes have a total of 7 rooms, 5 BED / 2 BA. Both SFRs are fully occupied. One home earns $4,200 mo./rent and the other Mobile Home on a Permanent Foundation earns $2,800 mo./rent. Total Rental Income = $7,000/mo. The subject property has 2 car detached garage. The properties are well-located north-west of the 10 FWY, near popular Coachella Valley and is centrally located close to several golf courses, resorts, schools, shopping, and transportation. The exit strategy from our loan is a conventional refinance.
What we like about this Trust Deed opportunity:
- Fully Occupied 2 SFRs
- 65.00% LTV and 63.05% Net LTV
- 6 months guaranteed interest
- 3 months of prepaid interest
- Current total monthly rental income: $7,000
- Current successful Mortgage Vintage borrower
$603,850 1st TD @ 11.00%, 65.00% LTV, Residential, NOO, 18 mo. term, $60,385 Min Inv., Indio, CA
