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.