Successful Mortgage Vintage borrower and business owner sought a Blanket $334,658 2nd Trust Deed cash-out loan on these three non-owner-occupied duplexes in Los Angeles, Los Angeles County, CA. The loan proceeds will be used to help the borrower payoff another investment property in his real estate investment portfolio. The three separate 1st mortgages are all with Pennymac with a fixed interest rate of 3.125%. The combined principal balance of all three 1st mortgages is $1,302,592. The combined monthly payment is (PITI) is $6,686.87/month.
Each duplex property is a 2,850 SF traditional-style residence sitting on a 3,124 SF lot. Each duplex features 10 total rooms including 6 bedrooms and 4 bathrooms, with each unit offering 3 bdrms/2 bath. All units have their own washer and dryer in the unit. Each duplex has an attached 2-car garage. The properties are located just east of the 110 fwy and north of the 105 fwy. The properties are centrally located near a number of elementary schools, Markahm middle school and Jordon High School. These properties were initially built under an SFR code in 2009 but in 2016 legally subdivided into two units. It is located in a R2 zone and the assessor shows 2 units. For some reason the public records have not been updated from SFR to duplex, but the assessor has it as a duplex.
What we like about this Trust Deed opportunity:
- Successful MVI Borrower
- 59.00% CLTV, 56.79% Net CLTV
- 13.50% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
- Low-interest 1st Trust Deed
- Fully rented duplexes
$334,640 Blanket 2nd TD @ 13.50%, 59.00% CLTV, Duplex, NOO, $41,833, Min Inv., Los Angeles, CA
