Successful repeat Mortgage Vintage Borrower with a 732 Fico score, sought this 1st TD to complete construction of a single family residence in the City of Riverside. Construction of the property is approximately 40% complete company and the loan proceeds will be used to complete the remaining 60% and pay off a current $67,500 purchase loan held by Mortgage Vintage. The full construction budget of $320,000 will be held in funds control. Upon completion, the Borrower plans to sell the property.
Subject property, upon completion, will be a two story, 3,186 sf single family residence. The property will have a total of 10 rooms consisting of 5 bdrms and 3.5 bathrooms. The property is on a corner lot consisting of 14,374 sf. The property is located just northeast of the 60 freeway and west of the 215 freeway. The property is close to a number of parks, schools, and shopping. The area is developed primarily with single family residences. The property is permitted to also have an ADU. However, at this time, the Borrower is only focusing on completing the SFR. Therefore, the ARV value of $627,000 is calculated by taking the full ARV of $850K minus $223K (the value of the construction for the ADU).
What we like about this 1st Trust Deed opportunity:
- Successful repeat Mortgage Vintage Borrower
- 11.50% yield to the Investor
- 65.00% LTV, 13.96% Net LTV
- 6 Months Guaranteed Interest
- $320,000 Funds Control
$407,550 1st TD @ 11.50%, 65.00% LTV, Residential, NOO, 24 mo. term, $40,755 Min Inv., Riverside, CA
