INVESTOR RATE INCREASED TO 12.75% Borrowers and business owners sought a $2,800,000 business purpose 2nd Trust Deed cash out refinance loan on this owner occupied SFR investment property in “Dover Shores” by Newport Back Bay, the estuary and nature reserve area behind the coastal neighborhoods in Newport Beach, Orange County, CA. The borrowers will be using the loan proceeds to pay off an existing business loan of $2,231,000. The balance of the loan proceeds will be used for working capital on existing development projects for borrowers’ Controlled Environments Construction Corp.
The borrower’s 1st mortgage is current and in good standing with Arvest Mortgage and has a principal balance of $679,199 with a fixed interest rate of 3.125% maturing July 2050. The total monthly payment including taxes and Insurance is $3,279.
Property Description
The subject property is a traditional styled, two-story SFR with 4,471 SF of living space, sitting on .17 acres lot well-located in Dover Shores, Newport Beach, CA. The SFR offers a large floorplan with 13 total rooms, 5 bedrooms, 3.5 baths, featuring a built in breakfast nook, sunroom, sauna, gym, large custom flagstone built-in outdoor BBQ-dining area, indoor and outdoor fireplaces, and well-manicured front and backyard. The subject property is well located near the Newport Back Bay, local beaches, Mariners School District, shopping, entertainment, restaurants and close to PCH, the 73 and 405 FWY.
What we like about this Trust Deed opportunity:
- Good condition SFR in Dover Shores, Newport Beach, CA
- 1st TD in good standing with low 3.125% fixed rate through 2050
- Protective Net Investor Equity $2,116,661
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
$2,800,000 2nd TD @ 12.50%, SFR, CO, 64.43% CLTV, 24 mo., OO, $80,000 Min., Newport Beach, CA
