Business owner sought a small $120K 2nd Trust Deed business purpose on this owner-occupied SFR in Hemet, Riverside County, CA. 100% loan proceeds will be used for a capital infusion into the borrower’s elderly and disabled care services business. Exit strategy: borrower is a Veteran, VA consolidated refinance loan or business proceeds.
The borrower’s 1st mortgage is with Chase Bank and has a principal balance of $277,524 with a fixed interest rate of 3.125%, maturing June 2062 and a payment of $1,968/mo. The first lender impounds for taxes and insurance.
The subject property is a ranch styled, single story SFR featuring 2,009 SF living space on a .57 acres lot with golf course views and a well maintained in ground pool. The subject property has a total of 7 rooms, 4 Bedroom / 2 BA with a 2-car attached garage in addition to an RV detached garage.
The subject property is a corner lot on the Echo Hills Golf Course and surrounded by similar SFRs. The subject property is located just south of the 74 FWY and close to shopping plazas, restaurants, entertainment and parks.
What we like about this Trust Deed opportunity:
- Well-maintained SFR with golf course views and pool
- 13.00% Lender Rate
- 9 months Prepaid Interest
- 6 months Guaranteed Interest
- 58.46% CLTV and 56.41% Net CLTV