Successful Mortgage Vintage Borrower, developer, and real estate investor and his partner sought a new business purpose 2nd TD construction loan to complete the construction of the SFR with an ADU and Junior ADU. The project is a permitted and entitled parcel in Santa Ana, CA . This funds controlled construction loan will allow the experienced and well known Developer to complete the construction of this non-owner occupied investment property in a well located unincorporated area of Santa Ana, CA. Upon completion the borrower will sell the property. Rent for the property, upon completion, will be approximately $11.5k/mo.
The proposed subject property will be a total of 3,726 SF on an 11,382 SF lot. The proposed home will consist of a 2,433 sf SFR which will have 5 bdrms/4 ba, kitchen, dining rm, living rm, and family rm. There will be a 2-car attached garage. The junior ADU will be 496 sf and will consist of 1 bdrm/1 ba, living/dining room combo and kitchen. The ADU will be 796.5 sf and will consist of 2 bdrm/1 ba, living rm, dining rm, and kitchen. In addition to the 2-car garage, there will also be a 1 car garage and additional spaces outside for multiple vehicles. The property is just south of the 22 fwy and is centrally located near schools, entertainment, restaurants, shopping, parks and medical facilities. Exit strategy is to sale the property. The Borrower reports that they already have two prospective buyers.
What we like about this Trust Deed opportunity:
- Successful MVI Borrower
- Orange County Location
- 14.00% Annualized Return
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
