Real estate investor is sought a 1st TD refinance loan on this non-owner occupied SFR investment property and adjacent vacant lot in Landers, San Bernardino County, CA. Funds from our loan will be used to pay-off an existing 1st TD that is currently in default. Borrower fell behind due to a work-related injury while serving as a security guard. Borrower has rehabilitated and is back to work full-time. This loan features 12 months prepaid interest. Exit strategy from our loan is refinance into a conventional loan or sell property.
The main subject property is a single story SFR with 2,800 SF of rentable living space on a large, fenced 5 acre lot. The subject property has a total of 11 rooms, 3 Bed / 1.5 Bath and 2 car driveway. The SFR subject property is non-owner occupied with the tenant paying s $1,250 mo./rent. The adjacent land lot is vacant and is included in the $300k property BPO valuation. The subject properties are in a stable, rural neighborhood north of the 10 FWY, near popular destination spot Joshua Tree National Park and local schools, shopping, grocery stores and restaurants.
What we like about this Trust Deed opportunity:
- 1st TD on SFR Investment Property
- 4 months prepaid interest
- 6 months guaranteed interest
- 65.00% LTV / 56.88% Net LTV
- Existing Monthly rental income: $1,250