Borrower and real estate investor was seeking a business purpose 2nd TD on this Huntington Beach 12-unit multi-family property. Borrower is restructuring the 1st TD with Axos Bank and paid off an existing 2nd TD where the Note was coming due. This was a no cash-out refinance. The Axos Bank 1st TD is at 5.29% and the two loans are to close concurrently.
100% occupied, the subject is a very well maintained 2-story 10,003 sqft 12-unit property that sits on an 11,349 sqft lot. The subject is just 2 blocks from downtown Huntington Beach and 3 blocks from the beach. The unit mix features 1 – 4BR/3BA unit, 6 – 2BR/1BA units and 5 1BR/1BA units for a grand total of 45 total rooms, 21 BR’s and 14 BA’s. Each unit has it’s own 1-car garage with additional interior courtyard parking spaces available. Property features security cameras, public laundry room and shared courtyard area. Forecasted Gross Income is $311,880 with Net Operating Income of $195,447 after Expenses of $100,839. Current Gross Monthly Rents are $25,340.