Borrower sought a 1st TD blanket Loan on the subject SFR properties which are being used by a Non-Profit to house court placed abused minors. The borrower is on the Board of the Non-Profit, “Circle of Friends” and together they have the opportunity to purchase these two SFR’s that they have been operating in for 14 years. The The subject properties are located in Escondido in San Diego County and are being purchased for $623,655 and $587,335 respectively. Total of $1.211 Mil. Gross revenue for the properties is $48k per month ($6k/minor). The borrower plans to get a conventional refinance after the 6 mo. guarantee period. The current Seller who has been the Lessor of these properties has offers much higher than what this Non-Profit is in Escrow for and therefore wants to cancel this Escrow if not funded by Thurs., June 24th. We will not be accepting IRA money on this Trust Deed as all monies need to be wired on Wed., June 23. Borrower is bringing in $432k as down payment.
The subject property on Pinehurst is a one-story traditional style SFR and was built in 1989. The home has 6 total rooms with 4 BR/2 BA and an attached 3-car garage. The subject is 2,012 SF and sits on a large 6,895 SF lot. The subject property is centrally located near the 15 freeway and Country Club Lane. The subject property on Sarahfaye Ct. is a one-story traditional style SFR and was built in 1985. The home has 6 total rooms with 4 BR/2 BA and an attached 2-car garage. The subject is 2,035 SF and sits on a large 7,550 SF lot. The subject property is centrally located near the 15 freeway and W. El Norte Pkwy. Schools, restaurants, shopping, recreation and medical facilities are all within close proximity to both properties.
What we like about this Trust Deed opportunity:
- San Diego County locations
- 9.25% Annualized Return
- Valuations well above Purchase Price
- Successful NOO rental property
- 6 mo. guaranteed interest