Real estate investor and 15-year business owner was seeking a cash-out 1st TD Blanket Loan on this non-owner occupied SFR in Silverado, Orange County. Proceeds from this loan were used to complete the rehab of the subject property. The borrower is a successful general contractor (Mesco, Inc.) and used his team of tradesmen to complete the work.
Subject property is a single-story SFR situated on a 6.25-acre lot in Silverado and a cross collateral of the the adjacent 1.23 acre lot. The subject was built in 1958 and is currently under rehab. Property has 1,428 sqft of living space with 3 bedrooms and 2 baths. The home features an in-ground pool and spa. Subject is an equestrian property with two horse stalls and backs up to 250-acres of beautiful and sprawling horse land for riding, jumping and exploring. Tenant is in place for Aug. 2018 move-in paying $4,800/month.
Recent Transaction – $360,250 Business Purpose Re-fi, Silverado, CA
