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.