Successful, existing Mortgage Vintage Inc. borrower and construction business owner sought a 2nd TD business purpose cash out loan on this owner occupied SFR front unit + brand new ADU back unit rental in Berkeley, Alameda County, CA. The funds from this loan will be used to pay off an existing, current Business Purpose 2nd TD of $467k held by Mortgage Vintage and the remaining funds $48k will be used for minor remodel on the main SFR. Exit strategy from loan is to sell subject property to pay off small 1st TD 325k and this new 2nd TD.
The subject property is a bungalow style, SFR + ADU on a 4,510 SF lot in Berkeley, CA. The main SFR has 914 SF of living space, 5 total rooms, 2 Bed / 1 Bath. The new ADU has 750 SF of rentable living space, with 2 Bed / 1 Bath. The ADU is fully occupied with tenant paying $2,750 mo./rent. The property is very well located near the San Francisco Bay, the Bay Bridge entry into downtown San Francisco and 580 FWY. The subject property is also near UC Berkeley, many popular parks, shops and restaurants.