Real estate investor and self-employed borrower was seeking a blanket loan on an SFR in Laguna Beach and Back Unit Condo in Corona Del Mar. The purpose of the loan was to invest in their psychiatric residential treatment facility in Pacific Beach, CA. Funds were used for additional working capital to make improvements to the facility and expand programming, marketing, etc.
The subject property consists of a single family bungalow style residence in Laguna Beach with 3 bdrm/3ba, 1,750 sf and rents for $7,000/month. Second property is the back unit in a 2 unit Condominium complex in Corona Del Mar with 3 bdrm/3 ba., 1,272 sf and rents for $5,200/month. The Laguna Beach property is located in the heart of Laguna Beach next to Main Beach, shopping and entertainment. The Corona Del Mar Condo is located on the south side of Pacific Coast Highway, minutes from the beach and Fashion Island.