Successful repeat MVI borrower, experienced real estate owner and general contractor sought a $386K rate and term refinance – no cash out – 2nd TD on one newly remodeled SFR rental property in Temecula, Riverside County and another SFR rental property in Pico Rivera, Los Angeles County CA. The purpose of this blanket loan is to pay off an existing MVI 2nd TD loan that is in good standing and maturing. Combined Net Investor Protection: $1,112,993
The existing, current 1st TD on Pico Rivera has a principal balance of $390,000 w/ 5.50% rate, $3,902 monthly payment, maturing February 2038. The existing, current 1st TD on Temecula has a principal balance of $875,000 w/ 6.25% rate, $4,557 monthly payment maturing April 2042.
The subject property in Temecula, CA is a single story, ranch style, SFR + Guesthouse in excellent, newly remodeled condition; this property features 2,300 SF of living space in the main house and 1,400 SF living space in the guesthouse. Total of 5 Bed and 4 Bath. The property sits on 5.1 acres with a large pool, new spa and new BBQ entertainment area. This property earns avg. $14K a month on Airbnb and is used for weddings, corporate events, private parties.
What we like about this Trust Deed opportunity:
- Repeat, Successful MVI Borrower
- 13.00% Investor Yield
- Two good condition SFRs earning combined monthly $16,700 income
- 6 months Guaranteed Interest
- 3 months Prepaid Interest
