Self employed borrower sought a business purpose cash-out 2nd TD on this owner occupied SFR in Bell Gardens, CA in LA County. Funds from our loan will be used to put back into the borrower’s drywall business.
The subject property is a 2-story traditional style home sitting on a large 11,514 SF lot with a fenced yard. The home is 2,204 SF with 8 total rooms and 5 BR/2 BA and a 2-car attached garage. The subject features a dining room, family room, fireplace, in-ground pool and a large lot. The subject is close to the 710 & 5 Freeways as well as to schools, shopping, restaurants, recreation and medical facilities. The 1st TD is held by California Federal Bank at 4.325%. Exit strategy from our loan is a conventional or FHA refinance