Real estate investor and self-employed borrower was seeking a business purpose cash-out refinance to payoff existing 1st TD and make improvements to the property. Subject is a 2-story, 4-unit multi-family property located in Los Angeles. Property measures 2,810 sf of gross living area, and is situated on a 4,996 sqft lot. Property consists of two 1 bedroom units of 576 sqft that are rented for $1,100/month. The other two units are both 2 bedroom units of 832 sqft and both are rented for $1,300/month. Subject is conveniently located near I10 and I110 FWYs and is walking distance to parks, shopping, schools and places of worship.
Recent Transaction – $425,100 Business Purpose Cash out Loan, Los Angeles, CA
