Business owner sought a $155,000 business purpose 2nd Trust Deed loan on this non-owner-occupied condo residence in Stevenson Ranch, Los Angeles County, CA. The loan proceeds will be used towards the Borrower’s business, Digital Interiors (digitalinteriors.com), to purchase office equipment and software to improvement automation and revenue. The parent company of Digital Interiors is B&W Holdings, Inc. The exit strategy is to pay this loan off with the business proceeds or do a refinance.
The borrower’s 1st mortgage is with Wells Fargo Home Mortgage and has a principal balance of $205,800 with a fixed interest rate of 4.25%, and a PITI payment of $1,675.17/month.
The subject property is a 1,640 SF traditional-styled two-story condo residence. The home features 6 total rooms including 2 bedrooms and 2.5 bathrooms. The subject property is just minutes from shopping, restaurants, and entertainment venues; just west of the 5 FWY and near Six Flaggs Magic Mountain. Current tenant is $4,000 in rent, which is a little high for the area.
What we like about this Trust Deed opportunity:
- Business Owner
- 13.50% Lender Rate
- 9 months Prepaid Interest
- 9 months Guaranteed Interest
- $4,000 rental income
$155,000 2nd TD @ 11.00%, 60.13% CLTV, Cash Out., Condo, $38,750 Min Inv., Stevenson Ranch, CA
