Borrower sought a small $80,500 2nd Trust Deed business purpose cash out loan on this non-owner occupied SFR rental investment property in Santa Ana, Orange County, CA. The use of funds is for cosmetic upgrades to interior and exterior of subject property.
The borrower’s current, and in good standing, 1st mortgage has a principal balance of $448,000 with a fixed interest rate of 2.81%, maturing December 1, 2050, and a P&I payment of $2,619.20/mo. The first lender impounds taxes and insurance.
The subject property is a ranch styled, single story SFR in good condition in a nice suburban Santa Ana neighborhood surrounded by similar SFRs. The subject property features 1,627 SF total living space with total of 8 rooms, 4 Bedroom / 2 BA and a 2-car detached garage. The subject property sits on 6,750 SF lot. The subject property is full occupied with single tenant, earning $4,200 per month. The subject property is very well located within 1 mile radius to many parks, local schools, shopping centers and centrally located with easy access to the 405 FWY, 55 FWY and 5 FWY.
What we like about this Trust Deed opportunity:
- SFR in nice Suburban Santa Ana, Orange County
- 59.38% CLTV and 54.78% Net CLTV
- 12.50% Lender Rate
- 6 months Prepaid Interest
- 6 months Guaranteed Interest