Borrower was seeking a no cash-out 1st TD to refinance this non-owner occupied SFR in Los Angeles. Borrower inherited the property from a family member and needed to payoff a reverse mortgage with our loan.
The subject is a traditional style single level home with 5 total rooms consisting of 2 BR/2 BA and a detached 2-car garage. The home is 1,635 sqft and sits on a 6,503 sqft lot. The subject is near both Inglewood and Hawthorne as well as schools, parks, shopping, restaurants and medical facilities. Freeways 105 and 110 are each within a few minutes drive of the subject property. Market rent for the area is approximately $2,650. Rental income is currently $2,800/month.