Borrower and real estate investor was seeking a cash-out 2nd TD on this 16-unit multi-family property in San Diego County. Proceeds from this loan were used to finish updating the units to allow for maximum rental income.

The subject is a 16-unit apartment building in National City, CA.  The apartment mix is made up of 10 – 1 BR/1 BA units and 6 – 2 BR/1 BA units.  Currently there is 1 vacant unit being used as a transition unit while a given rented apartment is being remodeled.  Property is located near I-805 and is also close to schools, shopping, recreations, medical facilities and restaurants.  Current monthly rental income is $22,300.  The 1st TD is serviced by FCI and has a note rate of 8.50%. The appraisal on file was completed in February 2018 and with an As Is value of $3,200,000.  Based on the new increased rental income, we have projected the appraisal value to be $3,818,000.

Recent Transaction – $150,000 Business Purpose, National City, CA

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