Executive Summary
Borrower sought a 2nd TD cash-out loan secured by an owner-occupied single-family residence located in Buena Park, Orange County, California. The loan proceeds will be used to acquire a 25% ownership interest in a business consulting firm.
Property Overview
The subject property is a well-maintained, two-story colonial-style single-family residence in Buena Park’s most desirable suburban neighborhood. The home offers 2,441 square feet of living space on a .10 acres lot, comprising 9 total rooms, including 4 bedrooms and 3 bathrooms. Additional amenities include a two-car attached garage, a deck, and a patio. The subject is well located near Anaheim, Disneyland, schools, parks, restaurants, shopping, the 5 and 91 FWY.
Loan Highlights
- Prime Buena Park location in Orange County
- Attractive investor yield of 12.50%
- Net investor equity position of $510,486
- Performing 1st TD with a low 3.00% fixed interest rate
- 6 months of guaranteed interest
- 3 months of prepaid interest
- 60.94% CLTV / 59.96% Net CLTV
$420,000 2nd TD @ 12.50%, SFR, Cash-Out, 60.94% CLTV, 24 mo., OO, $42,000 Min., Buena Park, CA
