Successful Mortgage Vintage Borrower and Real Estate Investor is seeking a Business Purpose Refinance 2nd Trust Deed on this owner occupied property in Buena Park. This is refinance of an existing loan. The original loan was used to to acquire 8-acres of fully entitled and permitted land in Indio, CA to build a 132 bed assisted living facility. The Borrower will be bringing in approximately $70,500 of funds to close the loan.
Existing first mortgage is with Wescom Credit Union with a balance of $236,604 and an interest rate of 3.99%. The loan matures November 1, 2045. The first impounds for taxes and insurance.
This single-story single family residence was built in 1957. The home has 1,200 sqft of livable space with 4 BR and 2 BA and 7 total rooms. The kitchen and bathrooms have been recently updated. Property is in the heart of Buena Park situated close to the 5 & 91 fwys and Knotts Berry Farm. Schools, shopping, restaurants and parks are all nearby.
What we like about this Trust Deed opportunity:
- Successful MVI Borrower
- Borrower bringing in $70K to close
- Conventional 1st mortgage @ 3.99% with WestCom
- Orange County location
- Kitchen and bathrooms recently remodeled
- 55.14% Net CLTV
$210,000 2nd TD @ 11.50%, OO, SFR, 56.09% CLTV, $35,000 Min., San Juan Capistrano, CA
