Brief Overview
Trust Deed Description
Real estate investors sought a $235,000 business purpose 2nd Trust Deed loan on this non-owner occupied fully renovated multifamily investment property in San Bernardino, San Bernardino County, CA. The borrowers will be using the loan proceeds to convert a 4 car garage into 2 ADUs to make it a 6 unit investment property. The existing 4 units are fully leased. A construction feasibility study confirmed the $200K in funds control is sufficient to complete the garage conversion into 2 ADU units.
The borrower’s 1st mortgage is current and in good standing with Freedom Mortgage and has a principal balance of $679,815 with a fixed interest rate of 5.750% maturing May 2053. The total monthly payment including taxes and Insurance is $5,280.
Property Description
The subject property consists of a fully renovated two-story fourplex and a 4 car garage which will be converted into 2 ADUs units with 4,325 SF of living space, sitting on 7,600 SF lot in San Bernardino, CA. The property will offer 6 bedrooms, 8 baths, 6 onsite paved parking spaces. The property subject offers each unit with new modern finishes, new mini-split HVAC systems, a common courtyard and landscaped side yard, fully fenced perimeter with gated access, and updated exterior lighting and security cameras. The fourplex currently earns $8,837 in rental income and is expected to increase to $11,837 with the addition of 2 ADUs. The subject property is well located near the 210 FWY, shopping, restaurants and schools.
What we like about this Trust Deed opportunity:
- 1st TD in good standing with low 5.75% fixed rate through 2050
- Funds Control of $200K budget, approved plans/permits, GC
- 6 months Prepaid Interest
- 6 months Guaranteed Interest
