Current borrower sought a 2nd TD Blanket Cash-Out on their subject SFR properties which are being used by the Non-Profit, “Circle of Friends” to house court placed abused minors. The borrower is on the Board of the Non-Profit, “Circle of Friends” and together they have been operating in these two properties for over 15 years. The subject properties are located in Escondido in San Diego County and have a combined value of $1,460,000 ($730,000 each). Gross revenue for the properties is $48k per month ($6k/minor). The funds from our loan will used for capital infusion into “Circle of Friends” and to meet increased operation costs. The exit strategy for the borrower is to get a conventional refinance after the 6 mo. guarantee period.
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
- 10.00% Annualized Return
- 62.67% CLTV
- Successful NOO rental property
- 6 mo. guaranteed interest
$110,000 2nd TD @ 10.00%, 62.67% CLTV, Const., 6 mo. Guar Int., 17 mos. term, Escondido, CA
