Self Employed General Contractor and business owner sought a business purpose cash-out 2nd TD on this owner-occupied SFR in Van Nuys, Los Angeles County, CA. The loan proceeds will be used to purchase new and upgraded equipment as well as increase marketing for the borrower’s business, MWR Construction Services, as well as payoff a tax lien the borrower incurred after a sickness and expensive surgery during COVID. Exit strategy: refinance.
This subject property is a single story SFR in a nice suburban neighborhood of Van Nuys. Subject property consists of 1,125 SF living area, sitting on a 0.14 acre lot. There are a total of 5 rooms in the SFR, consisting of 2 bedrooms, 2 bathrooms, as well as a detached 2 car garage. The kitchen and bathrooms were recently remodeled as well as the installation of new windows and fencing. The subject property sits in lose proximity to restaurants, shopping, entertainment, hospitals, schools, the Van Nuys Airport and the Sepulveda Basin Recreation Center.
What we like about this Trust Deed opportunity:
- Successful General Contractor and Business Owner
- Nice Los Angeles County location
- Low 45.48% CLTV, 44.98% Net CLTV
- 11.50% annualized return
- 6 months Guaranteed Interest
- 3 months prepaid interest
$120,000 2nd TD @ 11.50%, 45.48% CLTV, CO, SFR., OO, 18 mo. term, $60,000 Min Inv., Van Nuys, CA
