Borrower was seeking a Business Purpose Cash-Out loan to complete the improvements to the property. Borrower has owned the property since 2015 and will be using funds to finish construction and improvements and then sell property.
Subject is a 1 story, single family residence located in Sylmar. Property is north of the 210 FWY. The property is in an unfinished condition. The property features a fenced perimeter, recessed lighting, ceiling fans, and a small patio. The property, at the time of inspection, had no electricity or utilities.