Loan Purpose
Repeat successful MVI borrowers. Real estate investors and business owners sought a $1,027,500 business purpose 2nd Trust Deed cash out refinance loan on this non-owner occupied SFR investment property in Newport Beach, CA. The borrowers will be using the loan proceeds to pay off an existing MVI 2nd TD that is maturing and the balance of working capital will be used for business expansion. They currently have offices in the United States, Australia, the UK, and Africa and is looking to expand even further. The exit strategy from our loan is a refinance and/or pay off the loan from business proceeds.
The borrower’s 1st mortgage is with AXOS Bank and has a principal balance of $1,789,873 with a fixed interest rate of 4.875% until November 2049. The total monthly payment including taxes and Insurance is $10,532.
Property Description
The subject property is a single-level farmhouse styled, 3,174 SF Single Family Residence sitting on a large 9,694 SF lot in the beautiful Dover Shores area of Newport Beach, CA. The home, which was recently renovated, consists of 10 total rooms including 5 bedrooms and 4 bathrooms. Perfect for entertaining, the home features an open floor plan with a spacious kitchen, large family room, formal living room with a fireplace, front patio with built in seating, and a great backyard that has a pool and spa. The subject property is located in the heart of Newport Beach just a short distance away from shopping, entertainment, restaurants and the beach. The property is currently being rented out for $10,800/month.
What we like about this Trust Deed opportunity:
- Successful repeat MVI borrowers
- Beautiful and exclusive Newport Beach SFR location
- 12.00% Lender Rate
- Fixed 4.875% rate 1st TD Mortgage
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
$1,027,500 2nd TD @ 12.00%, SFR, CO, 64.77% CLTV, 24 mo., NOO, $51,375 Min., Newport Beach, CA
