Real Estate Investors and Business Owners sought a business purpose cash-out 1st TD on this ‘Free and Clear’ investment property in Barstow, San Bernardino County, CA. The subject property is a manufactured home on a permanent foundation (433a Certification on file) and has a tenant moving out at the end of the month. 100% of the loan proceeds will be used to clean up the home and make cosmetics upgrades to the property to maximize rental income from the next tenant. The borrower’s experienced family issues late last year which unfortunately set their credit scores back some. They have already brought the scores up to 630 and plan to have them over 700 in 6-8 months so they can get a conventional refinance to get out of our loan.
The subject property is a contemporary-style manufactured home that sits on a huge 18,731 SF lot which offers the opportunity of adding another home or ADU in the future. There is 1,248 SF of living area consisting of 7 total rooms including 2 bedrooms, 2 bathrooms, a dining room, living room, den, and small outside patio. The borrower plans to give the property a new coat of paint, new floors, updated appliances, and updated landscaping. Any remaining loan proceeds will be invested into his other investment property down the street. The current rental income until the end of the month is $1,200/month which will be increased to $1,800/month when the next tenant moves in. The subject is situated just minutes off the 15 freeway and is near schools, shopping, restaurants, and medical facilities.
What we like about this Trust Deed opportunity:
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- Barstow, San Bernardino County location
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- Non-Owner Occupied
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- Experienced Real Estate Investors and Business Owners
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- Future monthly rental income: $1,800
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- 6 months Guaranteed Interest
- 6 months Prepaid Interest
$110,000 1st TD @ 14.50%, 57.89%% LTV, Manuf SFR, NOO, $55,000, Min Inv., Barstow, CA
