Successful business owners sought a business purpose cash-out 2nd TD on this owner occupied SFR in Newport Beach, Orange County, CA. The loan proceeds will be used to support the expansion of the borrower’s growing Telemedicine business “Pioneer Technologies Solutions” and the balance of the funds will be held in funds control and used to finish the remodel the subject property. The borrowers have a current and performing $835k 2nd position loan with Mortgage Vintage that will be paid off with this new 2nd TD.
The subject property is a one story SFR that has 3,561 SF of living space and sits on a large 10,227 SF lot, on a cul de sac, corner lot in the highly in demand Baycrest North community of Dover Shores in Newport Beach. The subject property has 5 bedrooms, 5 baths and 3-car attached garage. The subject property is conveniently located close to the 55, 73, 405 freeways. The subject property is very close to Upper Newport Bay, many popular Pacific Coast Ocean beaches, Mariners Park, 17th St. Shopping, and other shopping centers, restaurants, and award winning schools. The new proposed improvements to the subject property will be “high end’ throughout. These improvements include but are not limited to, completing the pool and spa remodel, all new landscaping throughout property, adding a temperature controlled wine room, hardwood floors throughout, new cabinets, second AC unit, new garage doors and home automation throughout. The latest on the construction as of 3/15/22 is:
- The floors are installed (covered in paper).
- Baseboards are in.
- The counter tops are getting in this week.
- All the bathroom tile is in. Glass shower doors are getting installed this week.
- The pool is shaped.
What we like about this Trust Deed opportunity:
- Highly desirable Newport Beach location
- 11.00% Investor Yield
- 6 months Guaranteed Interest
- Successful existing Mortgage Vintage borrowers
- Viable conventional loan exit strategy