Business owner sought a business purpose cash-out 2nd TD on this owner-occupied SFR in La Canada Flintridge, Los Angeles County, CA. All loan proceeds will be put into the borrower’s home ballet business, Caroline Broes Ballet, which has seen a big spike in demand. The borrower plans to upgrade the studio itself as well as all of the equipment, costumes, software, website as well as hire a new teacher and increase advertisements. Exit strategy: conventional refinance.
This subject property is a 2-story, single-family residence in a beautiful Los Angeles County suburban neighborhood. The subject property consists of 1,723 SqFt of living area and sits on a 5,828 SqFt lot. There are a total of 8 rooms including 3 bedrooms and 2 bathrooms, as well as a fireplace and deck/patio. The property is well located at the foot of the Angeles National Forest which has panoramic views.
The conventional 1st TD with Chase has a balance of $640,000 with a 2.26% rate and a $3,091/month PITI payment. The 1st TD matures July 1, 2050.
$150,000 2nd TD @ 12.00%, 41.80% CLTV, CO, OO, 180mo. term, $50,000 Min Inv., La Canada, CA
