Co-Borrower and long time Real Estate Investor and business owner is co-signing with Borrower who sought a Business Purpose Cash-Out Refinance on this Owner Occupied SFR to payoff an existing matured business purpose 1st position loan. Any excess loan proceeds will be used to make repairs to the property. Borrower had good payment record on the existing Mortgage Vintage loan, however the Lender elected to call the loan and wants to be paid off. Lender elected to file the Notice of Default for maturity. The borrower does not use traditional credit facilities and hence does not have a Credit Score however, the borrower was current on her payments when the NOD was filed for maturity. Co-Borrower has strong reserves and will be a signatory on the Note.
Subject property is a single-story, single-family residence located in Lancaster, CA. The Property is a traditional style 3 bdrm/2 bath home with 1,551 sqft of livable space featuring a fireplace and patio. The property was built in 1980 and sits on a 7,564 s.f. lot on a suburban St. The ranch-style SFR is situated near HWY 14, Palmdale Regional Airport and Antelope Valley College. Shopping, restaurants and parks are all located nearby.
What we like about this Trust Deed opportunity:
- 10.00% annual investor yield
- 6 months guaranteed interest
- 65.00% LTV
- Single Family Residence