Loan Purpose
Business owners sought a $260,000 business purpose 2nd Trust Deed cash out loan on this owner SFR property in Del Mar Heights, San Diego County with ocean / canyon views and a few minutes from Torrey Pines State Beach and Golf Course. The borrowers will be using the loan proceeds for working capital toward their business telecommunications company. The exit strategy from our loan is a refinance or business proceeds.
The borrower’s 1st mortgage has a principal balance of $2,339,501 with a fixed P&I interest rate of 7.50% until July 2052. The total monthly payment is $18,057.
Property Description
The subject property is a two-story traditional styled SFR, with ocean, canyon and skyline views in “Del Mar Heights”. The property is on a single-loaded street in front of “Crest Canyon Nature Preserve” and was remodeled by borrowers in 2022. The SFR offers 3,400 SF living area, on a 7,250 lot in the Del Mar beach community. The property consists of 9 total rooms, 4 bedrooms and 2.50 bathrooms. The property features a front and backyard, balconies, decks, built-in BBQ, two fireplaces, 2 car attached garage and 2 car driveway. The subject property is well located across from a hiking/biking nature preserve, beaches, shopping, entertainment, golf courses, Del Mar Racetrack, near the 5 FWY and PCH.
What we like about this Trust Deed opportunity:
- SFR in the “Del Mar Heights” beach community in Del Mar, San Diego County
- 12.50% Lender Interest Rate
- $1,418,686 Net Equity Protection
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
$260,000 2nd TD @ 12.50%, SFR, CO, 64.99% CLTV, 24 mo., OO, $52,000 Min., Del Mar, CA
