Self-employed Borrower was seeking a Business Purpose Cash-Out Refinance to complete construction of a duplex in Compton. The funds will be used to payoff an existing loan and complete construction. $30,000 was collected for funds control. Borrower has put over $100K into the construction of the property.
Subject is 80% complete and will be a duplex with one (1) 2 bdrm/1ba unit and one (1) 4 bdrm/2.5 ba unit. Each unit will have its own garage. Property is centrally located west of the 710 FWY, south of the 105 FWY and north of the 91 FWY.