Borrowers were seeking business purpose cash-out refinance loan to make repairs to the property.Subject is a 2 story, Multi-family property in Los Angeles. The Property is 100% occupied with rent-controlled contract rental rates. The Property consists of three buildings built in 1909, 1910, and 1947. There are three different 2 bedroom layouts. One is a SFR of approx. 649 sf, rent for $1,069/mo. Two are duplexes of approx. 416 sf, rented for $848 and $978/mo. The last two is a ground flr. four-plex and are 852 sf each renting for $1,009 and $1,068/mo.
Download Recent Transaction – $65,000 Business Purpose, Los Angeles, CA
