Successful repeat Mortgage Vintage borrowers sought a small 290K 2nd Trust Deed rate and term refinance loan on this owner occupied SFR in the “Turtle Rock” neighborhood of Irvine, Orange County, CA. The purpose of this loan is to refinance out of an existing business purpose 2nd TD with Mortgage Vintage which is current and maturing this month. Borrowers are owners of a Custom Homes General Contract corporation based in Irvine, CA.
The borrowers $883K 1st TD is a conventional loan, 30-year term @ 4.875% fixed rate which is current and in good standing. Exit strategy: conventional refinance.
The subject property is a one story, traditional suburban, SFR in a desirable “Turtle Rock” neighborhood of Irvine, CA. The subject property features a total of 10 rooms, 4 Bed / 3 Bath, bonus room, large, manicured backyard and jacuzzi with 2,053 SF living space on a .147 acres lot. The subject property is very well located, near many family friendly parks, churches, popular “Shady Canyon” and “Strawberry Farms” golf courses and public/private schools. The subject property is just east of the 73 Toll FWY and west of the 405 Fwy.
What we like about this Trust Deed opportunity:
- Successful Mortgage Vintage Borrowers
- Popular & Quiet Family friendly Suburban SFR in Turtle Rock, Irvine, CA
- 10.50% Investor Yield
- CLTV: 59.40% / Net CLTV 55.69%
- $811K Gross Investor Protective Equity
- 6 Months Guaranteed
- 6 Months Prepaid
$305,000 2nd TD @ 10.50%, SFR, 58.67% CLTV, Cash Out $58k Min Investment, Irvine, CA
