Business owner was seeking a cash-out 2nd TD on this owner occupied SFR in Los Angeles. Proceeds from this loan were to be used to invest back into the borrower’s contract sewing business. First mortgage is a conventional loan.
Subject property is a single-story SFR situated on a 7,732 sqft lot in the Glassell Park neighborhood of LA. The subject was built in 1923 and has 1,496 sqft of living space with 4 bedrooms and 2 baths. The home features a guest house and converted garage. Subject is conveniently located near schools, shopping, parks and medical facilities. The I-5 and Glendale Freeway are both located nearby.
Recent Transaction – $68,000 Business Purpose Cash-Out, Los Angeles, CA
