Borrower and real estate investor was seeking a cash-out 2nd TD on this non-owner occupied 3-unit investment property in LA County. Proceeds from this loan were used to make improvements to the same property.
The subject is a traditional style 3-unit property situated on a large 12,281 SF lot in Bell Gardens, CA. The property itself is 2,006 SF with 13 total rooms and 4 BR/3 BA with a 2-car detached garage. The subject is conveniently located near the I-5 and I-710. Shopping, schools, restaurants, parks and medical facilities are all located nearby. Total monthly rental income is $5,250 (Unit 1: $1,450, Unit 2: $2,150, Unit 3: $1,650).