Borrowers were seeking a cash-out 1st TD Bridge Loan on their current primary residence in San Pedro in Los Angeles County. The funds from this Bridge Loan were to payoff an existing 1st TD and help to fund the purchase of their new out-of-state primary residence. Borrower plans to sell this San Pedro property within the next 12 months.
The subject is a Bi-Level SFR and was built in 2007. Property has 6 total rooms with 3 BR and 2.5 BA and an attached 2-car garage. Subject is 1,878 SF and sits on a 2,500 SF lot. The home features a backyard, tile flooring in the kitchen in bathrooms, wood flooring in the living room and bedrooms, fireplace and central heating and air. Property is situated near LA Harbor, Point Fermin Park, Cabrillo Aquarium as well as schools, shopping, recreation and medical facilities.