Borrower sought a business purpose cash-out 1st TD on this non-owner occupied property in San Diego, San Diego County, CA. Funds from our loan will be used to pay off an existing and in good standing $248k 1st Mortgage and the balance of funds, approx. $134K, will used to make improvements on the subject property. Borrower inherited the subject property from her Mother who recently passed. This was Borrower’s childhood home. Borrower is fixing it up to rent as investment property. Exit strategy is a conventional refinance within 12 month term of our loan.
The subject property is single story, ranch style SFR in a well maintained, suburban neighborhood in San Diego, CA. The SFR sits on a .27 acre lot with 1,995 SF of living space. Subject property features 6 total rooms with 4 BR/2 BA and 2 car attached parking. The property is very well located near many shopping plazas, schools, parks, restaurants, and not far from downtown San Diego and the 805 & 5 Interstates. Rents in the area range from $2,800 to $3,200.
What we like about this Trust Deed opportunity:
- SFR Investment Property in San Diego County
- 65.00% LTV
- 7.25% Annualized Return
- 6 months Guaranteed Interest
- 6 months Prepaid Interest