Brief Overview
Loan Scenario:
Repeat Mortgage Vintage and CrowdTrustDeed borrower, Realtor and Business Owner sought a business purpose cash-out 2nd Trust Deed on his principal residence to further his Real Estate Investment and Property Management business. Borrower is a well-established and very successful Realtor in Lake Elsinore and has est. 20+ single-family rental properties. Borrower plans to use the funds to repair and enhance a number of his rental properties to increase the rents and property values.
Property Description:
The subject property is a 3,140 s.f. 5 Bdr/4Ba single-family residence located on a 1.1 acre lot at 14790 Toft Dr., Lake Elsinore, situated in a residential neighborhood within Riverside County. The parcel (APN 387-442-012) consists of Lot 51 of Tract 19118 and is improved with a detached single-family home. The property is served by public utilities and has typical CC&Rs and easements recorded for this community. The home sits on a standard residential lot with surrounding similar SFR properties.
What We Like:
- 62.50% CLTV and 61.33% Net CLTV
- 2nd Trust Deed with a previous and successful MVI and CTD borrower
- 11.00% annual yield
$300,000 2nd TD @ 11.00%, SFR, CO, 62.50% CLTV, 36 mo., OO, $50,000 Min., Lake Elsinore CA
