Business Owner and Real Estate Investor sought a 1st TD cash-out refinance on this non-owner occupied investment property in San Jose, CA. Loan proceeds will be used for cosmetic upgrades to all three of the borrower’s properties as well as capital infusion into the borrower’s biopharmaceutical consulting business. The exit strategy is to refinance into a conventional 30-year fixed after the repairs.
The subject property is a 5,501 SF, two story, single family residence in a nice and desirable suburban area of San Jose, CA. The home is 2,331 SF and consists of 5 bedrooms and 2.5 bathrooms. Other amenities include a fireplace, deck, patio, attached 2-car garage, RV parking space and large back yard, The home is centrally located in San Jose and is close to restaurants, nightlife, shopping, entertainment, schools and medical facilities. The current lease agreement is for $5,050/month and lasts until May 31, 2027.
What we like about this Trust Deed opportunity:
- Business Owner and Real Estate Investor
- 1st Trust Deed at 60.00% LTV and 58.28% Net LTV
- 10.00% Investor Rate
- $728,000 Investor Equity Protection
- 3 months Prepaid Interest
- 6 months Guaranteed Interest
