Business owners sought a small $110K 2nd Trust Deed business purpose loan on this owner-occupied + rental Duplex in Los Angeles, CA. 100% loan proceeds will be used to upgrade and expand borrowers’ landscaping business.
The borrower’s 1st mortgage is with Wells Fargo and has a principal balance of $326,707 with a fixed interest rate of 4.125%, maturing February 2048 and a payment of $2,117/mo. The first lender impounds for taxes and insurance.
The subject property is a contemporary styled, Duplex in good condition featuring a larger main unit with 1,337 SF total living space with 2 Bedroom / 2 BA and a detached 2-car garage. The 2nd smaller rental unit is 450 SF living space, earning $1,500 per month. The subject property sits on .15 acres lot. The subject property is just a short drive to USC and the shopping and entertainment venues found there including the Coliseum and the LAFC soccer stadium as well as similarly distanced to the new SOFI stadium and the shopping and entertainment venues found nearby in the city of Inglewood. The subject property is just west of the 110 FWY and just south of the 10 FWY.
What we like about this Trust Deed opportunity:
- Real estate and business owners
- Los Angeles good condition Duplex; earning rental income in 2nd unit
- 55.63% CLTV and 53.67% Net CLTV
- 11.50% Lender Rate
- 12 months Prepaid Interest
- 6 months Guaranteed Interest