Real estate investor was seeking a business purpose 2nd TD on this SFR in Rosemead, CA in Los Angeles County. Funds from our loan were used to bring the 1st TD current and invest back into the property in preparation for sale.
The subject property is an 1,843 SF ranch style SFR that sits on a 6,488 SF lot. The property consists of 8 total rooms with 3 BR/2 BA and 2-car attached garage. Property features a gated in-ground swimming pool and is situated at the end of cul de sac street. The subject is close to the 10 freeway as well as schools, shopping, restaurants, recreation and medical facilities. Rental income is $2,300 per month. 1st TD is conventional loan at 4.25%.
This is a 44.10% CLTV on the BPO value of $780k. Loan structure features 4 months’ guaranteed interest, 6 months’ prepaid interest and a 10% annualized return.