Successful Mortgage Vintage Borrower and Real estate investor is seeking a business purpose 2nd TD cash-out on this Duplex rental investment property in Los Angeles, CA. $430k of the funds from our loan will be put into Funds Control to construct 2 fully permitted ADU units in the back of this subject property. Exit strategy from our loan is a conventional refinance once construction is complete.
The subject property is a traditional style Duplex in a suburban neighborhood surrounded by like properties many of which have been fully renovated. The subject property, when the two ADUs are complete, will total 3,949 SF of rentable living space. The subject property will be divided into 4 rental units, sitting on a 7,410 SF lot. The two front existing units (Duplex) are currently being renovated with Funds provided by the 1st TD holder, Anchor Loans. When complete the Duplex front unit, fully occupied earning a total of $3,000 mo./rent/unit. The existing duplex units consist of: Unit 1 (4 total rooms with 2 BR/1 BA = 725 SF) and Unit 2 (4 total rooms with 2 BR/1BA = 900 SF). The two ADUs once complete will consist of: Unit 3 (3 total rooms with 3 BR/3 BA = 1,162 SF) and Unit 4 (3 total rooms with 3 BR/3BA = 1,162 SF). Proposed rental income from Units 1 and 2 are expected to be $3,000 each and proposed rental income for Units 3 and 4 are expected by $4,750 each for a total of $15,500/mo. The subject property is very well located just East of Marina Del Rey, Playa Del Rey and the Los Angeles Airport. The subject property is located near many schools, shopping, and restaurants; just West of the 405 FWY.
What we like about this Trust Deed opportunity:
- Well located Duplex fully occupied; once complete 4 rentable units
- 12.50% annualized return
- 62.13% CLTV
- 43.15% Net CLTV
- 100% funds in Funds Control ($430k)
- Potential $15,500 monthly rental income
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
$460,000 2nd TD @ 12.50%, NOO, Duplex + ADU, 62.13% CLTV, $46,000 Min., Los Angeles, CA
