Business owner and licensed general contractor needed a business purpose cash-out 2nd TD on an owner-occupied property in Berkeley, CA. Funds from our loan were used to payoff an existing 2nd as well as provide cash-out to build an Accessory Dwelling Unit on the property. 100% of the construction budget was Funds Controlled.
Subject property is a 914 SF single story SFR in Berkeley in Alameda County. The home has 5 total rooms and 2 BR/1 BA. The ADU will be a 2 BR/1BA unit with a and kitchen and living room. The ADU square footage will be 685 SF of living area. The city of Berkeley allows for an ADU to be 75% of the existing home size, not to exceed 750 SF. Potential rental income on the ADU once completed is $3,000 – $3,500.