Real estate investor was seeking a business purpose cash-out 2nd TD to make improvements to a non-owner occupied SFR investment property in Simi Valley in Ventura County.
The subject property is a contemporary style SFR located in Simi Valley in Ventura County. The two-story home is 3,163 SF and sits on a large 10,454 SF corner lot. The home has 8 total rooms with 5 BR/2 BA. The subject features a deck, patio and in-ground pool. The subject is near the 118 freeway, shopping, dining, schools, recreation and medical facilities. Rental income is $3,625/month and the 1st TD is a conforming loan at 5.00%.
This loan is 69.97% CLTV based on the BPO value of $780K. Loan structure features 6 months guaranteed interest, 3 months prepaid interest and 10.50% annualized return.