Real estate investor borrower was seeking a business purpose 2nd TD to payoff an existing 2nd mortgage and cash-out to invest in real estate.
The subject property is a ranch style home in Bermuda Dunes in Riverside County. The home is 5,067 SF with 10 total rooms and 6 BR/5 BA with a 3-car attached garage and sits on a 2.42-acre lot. The subject features mountain views, in-ground pool and spa, putting green, patio, dining room, living room and family room. The subject is situated near Woodhaven Country Club, Palm Desert Country Club as well as many other country clubs. Shopping, restaurants, schools and medical facilities are all located in close proximity. Current monthly rental income is $4,500. 1st TD is held by Synovus at 3.75%.