Real estate investor sought a business purpose cash-out 1st TD on this non-owner occupied investment property in Burbank in LA County. Funds from our loan will be used to payoff an existing 1st and a 2nd TD which is in default. The borrower lost his job last year and fell behind in payments, and now he is gainfully employed and combined with the rental income. can make the payments and fix his credit. Additional cash-out is being provided to make improvements to the subject property as well as for 12 months’ of Prepaid Interest.
The subject property is 1,668 SF bi-level style SFR sitting on a large 15,997 SF lot. The home has 7 total rooms with 3 BR/2 BA and a 2-car attached garage. The property is centrally located to schools, entertainment, restaurants, shopping, parks and medical facilities. Major avenues and freeways are just a few minutes drive from the subject property. Rental income on the subject is $7,000/ month. Exit strategy from our loan is a conventional refinance.
What we like about this Trust Deed opportunity:
- Non-owner occupied investment property
- Burbank, Los Angeles County location
- 11.25% annualized return
- 12 months prepaid interest
- 9 months guaranteed interest
- 56.88% Net LTV
- $7,000 rental income