Successful Mortgage Vintage Borrower sought $286,000 business purpose 2nd Trust Deed loan on this non-owner-occupied duplex in Los Angeles, CA. The loan proceeds were used to payoff a current and in good standing 2nd TD that we currently hold and the rest of the proceeds will be used to make minor repairs to the property. The borrower’s 1st mortgage is with Truist and has a principal balance of $122,000 with a fixed interest rate of 3.875%, and a PITI payment of $994/month.
The subject property is a 1,400 SF contemporary styled duplex residence which sits on a 6,489 SF lot. The property features 7 total rooms including 3 bedrooms and 2 bathrooms. The front unit is a 2 bedroom and 1 bathroom. The rear unit is a 1 bedroom and 1 bathroom unit. The combined rental income is $3,819.37. Situated in Central LA just east of the 110 Fwy, North of the 105 Fwy and South of the 10 Fwy.
What we like about this Trust Deed opportunity:
- Realtor and business owner
- 60.00% CLTV, 58.48% Net CLTV
- 12.50% Lender Rate
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
