Successful Mortgage Vintage borrower and real estate investor sought a business purpose 2nd TD to cash-out to be used to complete the construction of an ADU unit being built over a 2 car garage on the lot of an existing investment property.
The subject property is on a large 41,382 (.95 acre) lot. Currently there is a manufactured home on permanent foundation that is 1,786 SF and has 4 BR/2 BA. The home was recently renovated in 2020. The ADU, once completed, will be 1,200 sq ft with 3BR/2 BA. The ADU is built on top of a two car garage, however, there is also other ample parking on the large lot. The subject features mountain views and is situated near schools, shopping, and restaurants. Current monthly rental income is $3,350.
What we like about this Trust Deed opportunity:
- Non-Owner Occupied
- 65.00% CLTV
- 55.74% Net CLTV
- 10.00% annualized return
- 6 months Guaranteed Interest
- $50,000 Funds Control