Real estate investor & business owner was seeking a cash-out 2nd TD to payoff existing business debts and invest back into his company.
The subject property is a mixed-use commercial property with 4 buildings totaling 5,782 SF. The main building is a two-story 2,321 SF SFR with an offices and kitchen on the ground floor and a residence with a kitchen on the second floor. Building 2 is 60’x40’ metal warehouse with a clearance height of 13’ and a roll-up door. building of 2,400 SF and small office of 459 SF and small warehouse of 483 SF. Rental income is $8,000 per month.
This loan is a 60.00% CLTV on the appraised value of $1.465M