Business owners sought a short term $378,750 business purpose 2nd Trust Deed loan on this non owner-occupied single-family residence in Coronado, San Diego County, CA. Loan proceeds will be used for borrower’s business, Buffalo Ventures, which is a Venture Capital firm also based out of Coronado. The home has been used as a luxury short term rental and recent rental agreements show an average rate of $4,300/week. The home is currently listed for sale which is also the borrower’s exit strategy. Borrower expects to have it sold in the next few months at which time, he will pay off the 1st and our new 2nd.
The borrower’s 1st mortgage is a 30-year fixed with Shellpoint and has a principal balance of $1,751,000, a fixed rate of 9.625%, and a monthly PITI payment of $16,362.
The subject property is a 1,782 SF modern single-family residence that sits on a 7,011 SF and is located in a high-end part of Coronado, San Diego County. Recently remodeled from top to bottom, the home features 7 total rooms including 4 bedrooms and 2 bathrooms. The detached 2-car garage in the back of the property offers a great opportunity for an ADU conversion. The property is walking distance from Coronado Beach, the Coronado Golf Course as well as numerous restaurants, stores, resorts and entertainment.
What we like about this Trust Deed opportunity:
- Business owner
- 65.00% CLTV
- 14.00% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
- Prime & Luxurious San Diego location
- Completely remodeled
$378,750 2nd TD @ 13.50%, 65.00% CLTV, SFR, NOO, CO, 12 mo. term, $37,875 Min Inv., Coronado, CA
