Successful real investor sought a 1st TD business purpose cash-out refinance loan on this 8 unit, non-owner occupied, apartment building in Los Angeles, Los Angeles County, CA. Funds from our loan will be used to pay off a small, current $140k 1st TD and the balance of the funds will be used for interior and exterior upgrades to subject investment property.
The subject property is a 2 story, 8 unit apartment building with 6,830 SF of net rentable living space on a 7,505 SF lot in Los Angeles, CA. The subject property consists of 6 units with 2 BED / 1.5 BATH and 2 units with 1 BED / 1 BATH. The subject property is full occupied, earning $11,393.44 per month in collective rent. The subject property features a gated entrance tenant parking. The subject property is very well located a few blocks from Silver Lake, just west of the Glendale FWY and 5 FWY and near Griffith Park, Dodger’s Stadium and is centrally located close to several restaurants, schools, shopping and transportation.
What we like about this Trust Deed opportunity:
- Fully Occupied Apartment Building in desirable Silver Lake Neighborhood
- 751 FICO Borrower
- 29.61% LTV
- 9 months guaranteed interest
- Current total monthly rental income: $11,393.44