Business owner sought a business purpose cash-out 2nd TD on this owner occupied condo in San Francisco, CA. Proceeds from our loan will be used for marketing and improvements to his successful app, Gestureit, which enables CAD editing to be on your mobile device with much more ease. Exit strategy is a consolidation refinance in the next 12-18 months.
The subject property is a well-maintained top floor 3-bedroom, 2-bathroom condo nestled in the picturesque neighborhood of Twin Peaks. The condo has unobstructed panoramic views of the city and an open floorplan that blends the living and dining area. The home has custom cherrywood cabinets, granite countertops, and updated bathrooms as well as spacious bedrooms and a master walk-in closet with stackable washer/dryer. Subject comes with a storage unit located in the basement of the building and a dedicated one car attached garage. The conventional 1st TD has a balance of $705,000 with a 5.375% rate equating to a $5,593.31/month payment. The 1st TD doesn’t mature until June 2048.
What we like about this Trust Deed opportunity:
- 13.00% annualized return
- Successful business owner
- 6 months Guaranteed Interest
- 6 months prepaid interest
- Beautiful San Francisco location
