Successful Mortgage Vintage borrower sought a business purpose cash-out 1st TD on this owner-occupied property in Newport Beach, Orange County, CA. Funds from our loan will be used to provide additional working capital for a growing Gaming business opportunity, Innovative Marketing Concepts, Inc. This new loan will provide additional cash out for the business and will payoff an existing $410k loan provided by Mortgage Vintage in 2021.
The subject property is single-story, ranch-style SFR in the highly desirable neighborhood of Newport Beach Heights, Newport Beach, CA. The SFR sits on a .13 acre lot with 1,562 SF of living space. The subject property features 6 total rooms with 3 BR/2 BA and 2 car detached parking. The subject property is located on a well-kept and wide street with many neighboring homes fully remodeled. Both homes on either side of the subject property have been newly built. The property is located in close proximity to popular Newport beaches, Lido Island, Fashion Island shopping plaza, schools, parks and PCH, 55 & 73 freeways. Exit strategy from our loan is pay-off through conventional refinance or proceeds from the established business venture.
What we like about this Trust Deed opportunity:
- Highly desirable “Newport Heights” neighborhood, Newport Beach
- 46.20% Loan to Value
- 7.25% Annualized Return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest