Borrower and successful real estate investor sought a 1st TD cash-out refinance on this 19-unit multi-family property in Los Angeles, CA. The borrower has multiple real estate investment properties in the Southern California area. They were looking to refinance the existing TD and also take out some cash to do numerous repairs and improvements to the property to increase its rents, value, and appeal. Once all of the upgrades to the property have been completed, the exit strategy for the borrower is to refinance out of our loan. They would like to get the funds quickly and make repairs/upgrades now while the rental market is appreciating.
The subject property consists of a 19-unit apartment building that is 3-stories, with good quality class “D” construction with wood frame, stucco walls and composition shingle roofing. The subject site consists of a single parcel which totals 0.18 Acres, or 7,783 square feet, and is located on a commercial/residential street. The building offers 13 studio units and six 1 bedroom / 1 bathroom units. The interior offers carpet/hardwood/vinyl flooring, tile kitchen and bathroom backsplash shower walls, and tile countertops. Onsite parking consists of a detached 4-car garage which is located at the rear of the building. In addition, public parking is available all along 3rd Avenue. Parks, schools, shopping, museums, breweries and major freeways are all just a few minutes away from the subject property.
What we like about this Trust Deed opportunity:
- Low LTV – 55.73% LTV & 53.22% Net LTV
- Great Los Angeles County location
- Highly experienced real estate investors
- 6 months’ Guaranteed Interest
- 6 months Prepaid Interest
- No vacancies