Borrowers sought a $170,000 business purpose 2nd Trust Deed loan on this non-owner-occupied single-family residence in Corona Del Mar, Orange County, CA. The loan proceeds will be used to make some upgrades to the property.
The borrower’s 1st mortgage is with 5th Street Capital and has a principal balance of $2,466,199 with a fixed interest rate of 4.50%, and an interest-only payment of $9,248.25/month.
The subject property is a 2,513 SF contemporary-styled single-family residence in the sought-after terraces neighborhood in Corona Del Mar. The property sits on a 6,660 SF lot. Just behind the property is a city park. The home features 7 total rooms including 3 bedrooms and 3 bathrooms. The property features a nice large open floor plan and has spectacular ocean views and view of the nearby harbor. The property is just minutes from Fashion Island, several restaurants, schools, shopping medical facilities, golf courses, and entertainment venues. The property is currently vacant. The Borrower intends to make some improvements to the property and then will continue to rent out the property. Potential rental income for comparable properties is $13,000/mo.
What we like about this Trust Deed opportunity:
- Orange County location
- 767 and 786 business owners
- Low 65.90% CLTV, 65.75% Net CLTV
- 11.00% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
