Real estate investor is sought a business purpose 2nd TD cash-out on this Duplex rental investment property in Los Angeles, CA. 100% of the funds from our loan will be put into Funds Control to build 2 fully permitted ADU units in the back of this subject property. Exit strategy from our loan is a conventional refinance once construction is complete.
The subject property is a traditional style Duplex in a suburban neighborhood surrounded by like properties many of which have been fully renovated. The subject property when the two ADUs are complete will total 3,060 SF of rentable living space. The subject property will be divided into 4 rental units, sitting on a 6,692 SF lot. The two front existing units are currently fully occupied earning a total of $3,100 mo./rent. The existing duplex units consist of: Unit 1 (4 total rooms with 2 BR/2BA = 942 SF) and Unit 2 (4 total rooms with 2 BR/2BA = 966 SF). The two ADUs once complete will consist of: Unit 3 (3 total rooms with 1 BR/1BA = 576 SF) and Unit 4 (3 total rooms with 1 BR/1BA = 576 SF). The subject property is very well located just East of Marina Del Rey, Play Del Rey and the Los Angeles Airport. The subject property is located near many schools, shopping, and restaurants; just West of the 405 FWY.
What we like about this Trust Deed opportunity:
- Well located Duplex fully occupied; once complete 4 rentable units
- 9.50% annualized return
- 60.62% CLTV
- 34.26% Net CLTV
- 100% funds in Funds Control (400k)
- Existing $3,100 monthly rental income
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
