Previous Mortgage Vintage borrower and on-time payer was seeking a cash-out 2nd TD on this non-owner occupied, new construction SFR with additional dwelling unit in Santa Ana. Borrower is highly experienced real developer and investor.
Subject property is a 2 stories SFR new construction in progress with an addition in the back. Home in the front has 4 bedrooms, and 2.5 bathrooms. Addition dwelling unit has 2 bedrooms, 1 bathroom, and kitchen. Subject property is a new construction with about 75% of construction completed. Per construction plans, subject property has total 1797 sf GLA. Front home has 4 bedrooms and 2.5 baths. And the addition on the back has 2 bedrooms, 1 bath, and kitchen. Most of the interior construction of the addition on the back is completed.