Borrower and successful real estate investor sought a 1st TD cash-out refinance on this 13-unit multi-family property in Los Angeles, CA. The borrower has multiple real estate investment properties in the Southern California area. They refinanced the existing TD and also took out some cash to do numerous repairs and improvements to the property to increase its rents, value and appeal. Once all of the upgrades to the property have been completed, the exit strategy for the borrower is to refinance out of our loan. They would like to get the funds quickly and make repairs/upgrades now while the market is hot.
The subject property consists of a 13-unit apartment building that offers 2 freestanding apartment buildings and a pool house. The buildings are 2-stories, with good quality class “D” construction with wood frame, stucco walls and composition shingle roofing. The subject site consists of a single parcel that totals 0.40 Acres, or 17,384 square feet, and is located on a commercial/residential street. The building offers eight 2 bedroom / 2 bathroom units, one 2 bedroom / 1 bathroom unit, and four 1 bedroom / 1 bathroom units. The interior offers carpet/hardwood/vinyl flooring, tile kitchen and bathroom backsplash shower walls, and tile countertops. Onsite parking consists of 8 built-in garage parking spaces and 7 carport parking spaces. In addition, public parking is available along Don Tomaso Dr. The subject also has a courtyard with a pool and pool house. Parks, schools, shopping, museums, breweries and major freeways are all just a few minutes away from the subject property.
What we like about this Trust Deed opportunity:
- Low LTV – 56.90% LTV & 54.34% Net LTV
- Great Los Angeles County location
- Highly experienced real estate investors
- $159k NOI
- 6 months’ Guaranteed Interest
- 6 months Prepaid Interest
- No vacancies