Borrower and real estate investor were seeking a 2nd TD to make improvements to the subject property which will allowed the borrower to increase the monthly rental income on the property. The exit strategy by the borrower is refinance with a conventional loan.
The subject property is ranch style 4-unit residence in Hawthorne located in LA County. The floorplan of each unit is a 1 BR/1 BA and 711 SF each. The total lot size of the property is 6,755 SF and the building size is 2,844 SF. Parking is limited to street parking only. The property is located near the Hawthorne Municipal Airport and is located within it’s flight path. Schools, shopping, recreation, entertainment and medical facilities are nearby as are the 405 and 105 freeways. Current rental income is $4,200/month.