Borrower sought a business purpose cash-out 2nd TD on this owner-occupied duplex in LA.  Funds from our loan will be used to complete the remodel of one of the units of the duplex.  100% of the construction budget will be held in escrow funds control.

The subject is a bungalow style detached duplex.  Unit #1 is 624 SF with 3 rooms and 2 BR/1 BA.  Unit #2 is 480 SF with 3 rooms with 2 BR/1 BA.  The property needs some work and funds control will ensure that the upgrades will get completed.  The subject is near schools, shopping, restaurants and medical facilities.  Interstate 110 is just a few minutes away.  Projected rental income for the rehabbed unit is $1,200/month.  1st TD is at 5.125%.  Daughter of the borrower will be moving in with the mom very soon and eventually onto title.  The daughter has a 700+ fico and a full-time job enabling her to help qualify for a conventional loan to exit our MVI loan.

 

Recent Transaction – $85,000 Business Purpose, Los Angeles, CA 90044

 

 

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