Experienced real estate investor and business owner sought a cash-out 2nd TD on this non-owner occupied property located in this Balboa Peninsula portion of Newport Beach, Orange County. Proceeds from this loan will be used to complete the renovation of the property. There will be a funds control account established holding $250K.
The subject property is going to be a 2,989 sf, 2-story Contemporary style SFR located in the Balboa Peninsula Point neighborhood. The subject is being renovated and will include 4 BR and 4.5 BA, 2-car attached garage, great room, gourmet kitchen, linear diffusing air ducts; recessed exterior heat lamps, four fireplaces, dual air conditioning units, roof top deck, golf cart parking, and an elevator. The roof top deck will offer spectacular ocean and Balboa Island views.