Experienced real estate investor, developer and existing Mortgage Vintage borrower is sought a 2nd TD business purpose cash-out on these two SFR investment properties in Costa Mesa, CA.  Funds from our loan will be used to pay-off a small, existing 2nd TD ($86k) and the rest of the funds ($200k) will be held in Funds Control to complete final construction of these 2 SFR’s.  Mortgage Vintage holds the existing 1st TD ($2,958,000). The exit strategy is to finish and sell both subject properties to pay off 1st & 2nd TDs.

 

The subject property was 1 parcel and was split into two parcels in 2019. The subject properties feature 2 new contemporary designed SFRs in the Newport Heights area of Costa Mesa, CA. Subject property 1590 Riverside Pl. consists of a 2 story SFR with 2,982 sf.  This home has a total of 9 rooms with 4BR/4BA. Other subject property is 1592 Riverside Pl. consists of a 2 story SFR with 2,850 sf.  This home has a total of 9 rooms with 4BR/4BA.  Both homes are highly upgraded throughout and each have 2 car attached garages.

What We Like:

  • Costa Mesa, Newport Heights, OC location
  • $200k Funds Control
  • Experienced Real Estate Investor and Developer
  • 65.00% CLTV / 64.74% Net CLTV
  • 6 mos Guaranteed Interest
  • 3 mos Prepaid Interest

$357,000 2nd TD @ 13.00%, 65.00% CLTV Refinance $35,700 Min Investment, 18 Mo Term, 6 mo. Guar Int., Costa Mesa

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