Foreign National real estate investor and business owner was seeking a cash-out blanket 2nd TD on these two non-owner occupied Garden Grove properties to invest into his pharmacy business, The Chief Corner Stone. Loan proceeds were used for inventory, marketing and operating expenses.
The two subject properties are in the same complex and are next door to one another. Each unit is a single-story condo with a total of 2,622 sqft. The units have 14 total rooms with 5 BR and 4 BA. Each unit comes with 2 parking spots in the subterranean parking garage. The property is conveniently located near I5 and 22 HWY as well as parks, recreation, shopping, schools, restaurants and medical facilities. Combined rental income for these to condos is $4,200/month.
Recent Transaction – $30,500 Business Purpose Cash out Re-fi, Garden Grove, CA
