Loan Purpose: Successful Mortgage Vintage Borrower sought this 1st TD cash-out loan on this recently purchased Free and Clear SFR plus ADU and JADU in Santa Ana. Loan proceeds on this Free and Clear property will be used to complete the current renovation, adding an ADU and JADU to the existing single-family residence.
2. Property Description: The property boasts a large 12,221 s.f. lot and is currently a 2,177 s.f. single-family residence. The General Contractor borrower with extensive experience in Fix and Flips in Santa Ana will be renovate the property and add an ADU and JADU for a total of 3,718 sf upon completion. The single-family residence will remain at 2,177 sf and consist of 5 bedrooms and 4 bathrooms. Three of the bedrooms will have their own exterior door access. The JADU will be 495 sf and will consist of 1 bedroom and 1 bathroom. The ADU (attached to the 3-car garage) will be a two-story unit with 1,046 of living space offering 3 bedrooms and 2.5 bathrooms. Upon completion, rental income for the property will be approximately $10,000/month. The property is bound by the 22 Fwy to the North, the 405 Fwy to the South, the 261 Toll Road to the East, and Beach Blvd to the West.
What We Like:
- Successful Mortgage Vintage Borrower
- Experienced real estate investor
- Orange County Location
- $1,340,000 Protective Equity
