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
