Successful business owner and general contractor sought a business purpose, cash-out 2nd TD on this owner occupied SFR in Riverside, CA. Proceeds from our loan will be invested back into the borrower’s construction business, Quest Construction Builders & Contractors. Quest has seen increased growth since its inception and our loan proceeds will help expand and keep up with the high demand. The borrower almost passed away from COVID about a year and a half ago and because he was the sole provider of income for the household, he got behind on bills and his credit score went down. His income is back to normal as he brought in $148,000 just last month. He is still working on his credit score which is why he needs our loan. Once his score is back up in 6-12 months, he will refinance out of our loan.
The subject property is a beautiful 4,493 SF single family residence located in a high-end part of Riverside. It sits on a very large 1.04 acre lot and features huge front and back yards that have an in ground pool & spa, fireplaces, a deck & patio and a basketball court. The home is comprised of 12 total rooms including 5 bedrooms and 4.5 bathrooms. The home is located east of the 215 freeway just 6 miles from Lake Mathews. It is also in close proximity to schools, restaurants, shopping, recreation and medical facilities.
What we like about this Trust Deed opportunity:
- Successful Business Owner
- Strong income (Business Bank Statements in Investor DropBox)
- Beautiful Riverside location
- 6 months Guaranteed Interest
- 3 months prepaid interest
- 60.00% CLTV, 59.40% Net CLTV