Long-time business owner was seeking a business purpose 2nd TD on this SFR home in Huntington Beach in Orange County. Our new loan paid-off an existing 2nd TD used for business related expenses to the borrower’s IT Consulting company, as well as a tax lien. There is no cash-out to the borrower – all payoffs are to be paid thru escrow.
The subject property is a 2-story contemporary style home on a beautiful street in Huntington Beach just 5 blocks from Huntington State Beach. The home is 2,286 SF with 8 total rooms and 3 BR/2.5 BA and sits on a 6,000 SF lot featuring a fully landscaped backyard with a covered patio. The family room has been recently gutted due to a broken pipe. That room is slated to be repaired after the first of the new year with the borrower’s own funds (our loan provides no cash-out to the borrower).
This is a 69.43% CLTV on the BPO value of $880K.