1. Loan Purpose: Successful Mortgage Vintage borrower, business owner and real estate investor seeking a business purpose refinance 2nd TD on this owner occupied SFR in Dublin, Alameda County, CA. Borrower’s current and in good standing on his conventional 1st TD. The balance is at $1,432,000 and has an interest rate of 3.99%.
Funds from our loan will be used to refinance the Borrower’s existing 2nd mortgage. The original loan was used to renovate the Borrower’s duplex in San Francisco bring the property value up to $4.5MM. The renovation is now complete and the property is now listed for sale. With this refinance the Borrower is bringing in approximately $47,000 to closing. The exit strategy from our loan is to pay off the loan with proceeds from the sale of the San Francisco Duplex property.
2. Property Description: The subject property is a contemporary style, two-story, SFR in perfect condition, in a very well-establish and affluent area of Alameda County. All homes in the area are $2,000,000+. This home was built by the Toll Brothers in 2015 and included all upgrades in construction. The home is 4,015 SqFt, sits on an 8,170 SqFt lot, and has 12 total rooms including 5 bedrooms, 4.5 bathrooms, an upstairs loft, a private yard with no rear neighbors, and a covered patio with fireplace. The property is well located near many shopping plazas, schools, parks, BART, freeways, hiking trails, restaurants, entertainment, and medical facilities.
4. What We Like:
- Successful Mortgage Vintage Borrower
- Borrower is bringing in $47K to close
- Beautiful, affluent neighborhood in Northern CA
- Successful business owner and real estate investor
- 6 months Guaranteed Interest, 3 months prepaid interest
- $1,033,184 Investor Equity Protection
$335,000 2nd TD @ 12.00%, OO, SFR, 63.10% CLTV, $33,500 Min., Dublin, CA
