Successful real estate Investor and her Nephew, who is an employed Plumber, sought a business purpose cash-out refinance 1st TD on this non-owner occupied family legacy SFR in Los Osos, San Luis Obispo County, CA. Due to COVID, the tenants in the property fell behind on rent payments which in turn had the same effect on the borrower with her mortgage payments. The tenants are now current on payments and our loan will put the borrower current on her payments. The exit strategy from our loan will be to sell the home to her son in the near future or the borrowers will get a conventional loan once the rental income is matured.
Subject property is two-story SFR situated on a large 6,250 SQ FT lot in Los Osos, San Luis Obispo County. Property has 6 total rooms including 2 bedrooms and 2 bathrooms and a large living room and kitchen. The front, back and side yards of the home are all very large and open and provide a great opportunity for an ADU build in the future. The property is located a few blocks away from the Morro Bay and is in very close proximity to schools, shopping, restaurants entertainment and parks.
What we like about this 1st Trust Deed opportunity:
- Non-Owner Occupied Investment Property
- San Luis Obispo location
- 11.50% annualized return
- 9 months Guaranteed interest and 6 months Prepaid Interest
- Co-Borrower has stable employment
- 65.45% Net LTV
- Large Lot for future ADU opportunity