Experienced real estate investor sought a business purpose 2nd TD cash-out on this ranch rental investment property in Perris, CA. Borrower’s current $7.25M combined market value investment property portfolio with only $2.50M in combined mortgage debt is documented in their Schedule of Real Estate located in investor dropbox file. Funds from our loan proceeds will be used to finish a development project on another of borrower’s investment properties consisting of 40 acres being subdivided then flipped to sell. Borrower has several exit strategies from our loan: sale or refinance of this subject property or sale of borrower’s other investment properties. The borrower’s $671k conventional 1st TD on this subject property at 5.375% rate is current and in good standing.
The subject property is a large, private ranch style SFR with 4,952 SF living space on a flat 5 acre lot. The property features 10 rooms, 5 Bed / 4 Bath, 6 car detached parking, and a large pool/spa, orange groves and palms with fencing around entire property. The subject property also features a 5,000 SF warehouse, 2,500 SF horse barn, 800 SF greenhouse being used as an office. The subject property if fully occupied by a tenant earning $12,000 mo./rent. The subject property is surrounded by similar ranches and horse properties located between the 15 FWY and 215 FWY. The property is near many hiking, and horse trails, parks, local shopping and Perris unified school district.
