A previous successful MVI borrower, Flipper, real estate investor and successful general contractor that sought a business purpose 1st TD to purchase this SFR in Orinda, CA in Contra Costa County. Upon the close of escrow the borrower put his 15 years of experience to work to add 900 SF to the home by building a new master suite and new great room, as well as, a new mud room and entryway. The borrower is only seeking purchase money, he will be using his own funds for the rehab.
The subject property is a ranch style 3 BR/2 BA SFR with 6 total rooms and a 2-car detached garage. The home has 1,458 SF of living area and sits on a 8,881 SF lot. The home features a dining room, living room, fireplace and patio as well as a nice back yard. After the rehab, the home will be contemporary design with an open layout and 2,358 SF featuring a new master suite and great room. The home is located in the Orinda Foothills neighborhood near quality schools, shopping, recreation and medical facilities. Berkeley is only 20 minutes away by HWY 24 and Redwood Regional Park is just a 15-minute drive as well. Exit strategy from our loan is the sale of the property.
What we like about this Trust Deed opportunity:
- Previous successful MVI borrower
- 766 fico score borrower
- Long-time business owner
- Experienced rehabber/flipper
- BPO value $111k higher than purchase price
- $1.6M expected ARV at completion of project