Current Mortgage Vintage borrower and a professional developer sought a cash-out 2nd TD on a non-owner occupied property located in the Balboa Peninsula portion of Newport Beach, Orange County.  Proceeds from this loan are being used to complete the construction of the property with $600K being held in Funds Control.

At completion, this corner lot subject property will be a 3,468 sf, 2-story Contemporary style SFR located in the Balboa Peninsula Point neighborhood.  The new construction home will feature an all new foundation and framing and will include 4 BR and 4.5 BA, 3-car attached garage, great room, gourmet kitchen, linear diffusing air ducts; recessed exterior heat lamps, dual air conditioning units, multiple decks and ocean views.  The subject is just steps to the beach, West Jetty Park and The Wedge.

62.54% CLTV on the After-Repair Value of $5.5M based on an August 2019 appraisal.

 

Recent Transaction, $920,000 Business Purpose, Newport Beach, CA 92661

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