Successful business owners sought a small $275,900 2nd Trust Deed business purpose cash out loan on this fully renovated condominium in the desirable “Sea Island” guard gated community in Newport Beach, CA. 100% of the loan proceeds will be used to expand borrowers’ business consulting business.
The borrowers’ 1st mortgage is current and in good standing with a principal balance of $1,474,025 on a fixed 4.99% interest rate, maturing July 2053. 1st TD monthly payment is $9,896/mo. The lender impounds for taxes and insurance.
The subject property is a fully remodeled, tri-level, condominium at the end of a cul-de-sac with views of the Newport Beach Country Club golf course in Newport Beach, CA. The subject property is 2,585 SF with 6 total rooms, 2 Bed / 2.5 BA and a two car attached garage. The subject property is very well located near Corona Del Mar Village, Fashion Island, Newport Beach Harbor, many schools, shopping, restaurants, parks and beaches. The subject property is just east of the PCH 1 HWY and close to the 73 and 55 FWYs.
What we like about this Trust Deed opportunity:
- Remodeled Condo in a very desirable gated Newport Beach community with golf course views
- Business Owners
- 12.00% Investor Rate
- Investor Equity Protection: $1,050,075
- 3 months Prepaid Interest
- 6 months Guaranteed Interest