Successful real estate investors and existing, current Mortgage Vintage borrowers sought a business purpose cash-out 2nd TD on this NOO, 100% Rented, 22 Unit Multi-Family Residential building in Anaheim, CA. The funds from our loan will be used as a down payment on a 4-Plex real estate acquisition also in Anaheim, CA. Borrowers existing, current 1st TD is 650k and held by Mortgage Vintage Inc.
Our subject property is a beautiful two-story traditional SFR located in Placentia and sits on a 7,288 sqft lot. The subject was built in 2000 and has 3,474 sqft of living space with 10 total rooms – 4 bedrooms, 4.5 baths and 3-car attached garage. One of the bedrooms and bathrooms appear to have been added after the home was built and there is no permit information on file, therefore, these two rooms were not taken into account when valuing the property. The home is located just east of the 57 FWY and very close to El Dorado High School and two elementary schools. There are also restaurants, shopping, and medical facilities near by.
What we like about this Trust Deed opportunity:
- Previous successful MVI borrower
- Orange County location
- 6 months Guaranteed Interest
- CLTV: 40.86%
