Business owner was seeking a business purpose cash-out 2nd TD on this owner occupied SFR in Carlsbad. Funds from our loan were used to payoff an existing 2nd and to purchase a nail salon.
The subject property is a traditional style SFR located in Carlsbad in San Diego County. The two-story home is 2,104 SF and sits on a 4,230 SF lot. The home has 8 total rooms with 4 BR/2.5 BA and 2 car attached garage. The subject is near the 5 freeway and just a few minutes drive from South Carlsbad State Beach. Shopping, dining, schools, recreation and medical facilities are located nearby. 1st TD is at 5.125%.
This is a 69.97% LTV on the BPO value of $825k. Loan structure features 3 months’ guaranteed interest, 3 months’ prepaid interest and 9.50% annualized return.