Two Unit Residential Property
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1 Second Trust Deed $1,300, # Two Unit Residential Property Hermosa Beach, CA Hermosa Beach, CA # nd Trust Deed $1,300,000 A Presentation for Investment in a Note and 2 nd Deed of Trust
2 Disclosure Important Investment Disclosure Your investment will be either directly or indirectly secured by real estate. You may receive a direct interest in a promissory note and deed of trust as a fractionalized interest, as a tenant in common, as a single beneficiary, or, your investment may be in the form of a membership interest in a limited liability company formed for the specific purpose of funding a loan. An offer is made only by the Offering Circular and material disclosure package. Past performance is not an indication of future results. Investments are not insured or guaranteed by any governmental agency. Investments offered through So-Cal Capital, Inc. are available to California residents only, are not liquid, not transferable, and involve substantial risk, including the possible loss of all principal.
3 This loan is a business purpose second deed of trust secured by a twounit beach front rental property in Hermosa Beach, CA. The borrower purchased the property in 2002 and will be using the loan proceeds to consolidate the property s existing second and third deeds of trust. In addition, the borrower is cashing out some of the property s equity to cover expenses for a film project they are working on. Given the property s ideal location of being near the beach, the borrower has been using the property as a vacation rental however, they are considering placing a full-time tenant in the property. Once the property is more seasoned as a rental the borrower will seek long term conventional financing. Security Collateral for this loan will be a Deed of Trust, Security Agreement, Assignment of Rents & Leases in second lien position. The note will be secured by a two-unit residential property. The property is located in Hermosa Beach, CA. Valuation Appraised Value: $6,400,000 First Trust Deed: $2,400,000 This : $1,300,000 Combined To Value: 58.0% Yield To Investor 10.50% The appraisal is being prepared by an independent appraiser licensed to do business in the State of California. Appraisal will be provided in the lender disclosure package.
4 Terms The loan amount will be $1,300, at a fixed note rate of 10.99% providing monthly payments of interest only in the amount of $11, with the entire balance of principal due in 36 months from the 1 st day of the second calendar month following the close of escrow. There will be no prepayment penalty however the borrower will be responsible for 120 days of interest. Documents will include due on sale or further encumbrance provisions. There will be a late charge imposed for any payment more than 10 days after its due date in the amount of 10% of the payment due. If imposed, the late charge will be equally divided between investor and servicer. In the event a loan is in default in excess of 30 days, a default interest rate will be imposed equal to 5% above the current interest rate. The term of this loan is 36 months or until the loan is repaid and/or the security property is sold. Borrowers The borrower is a successful executive in the film and entertainment industry frequently working with some of the industry s biggest production companies such as Warner Brothers and Fox. Additionally, the borrower shows strong financials producing nearly $35,000 per month in employment income alone. Furthermore, the borrower has produced over $100,000 in NET rental income from the subject property in 2017.
5 Purpose of the The purpose of this loan is for the borrower to consolidate the existing second and third deeds of trust on the property and to provide some cash out for a film project that the borrower is currently working on. Source of Repayment The source of repayment for this loan will be from the borrower s own funds, or through a refinance. Before the loan matures the borrower will seek long term conventional financing to hold the property long term. The borrower shows income sufficient to make the payments on this property. Property Description The subject property is a beautiful two-unit beach house located in the affluent city of Hermosa Beach, CA. The property is located just a few feet from the sand and is also directly adjacent to the city s boardwalk, which is a popular spot for walking, and biking near the ocean. Consisting of 7 bedrooms and 6 bathrooms with 3,381 square feet of total living space, almost every room within the property has an ocean view. The borrower is currently capitalizing on the ability to use the property as a vacation rental. However, the borrower is considering finding a full-time tenant to lease the property.
6 Details Property Address: Type of Property: Hermosa Beach, CA Two-unit residential property Appraiser: Martin Montserrat License # AR Appraised Value (Estimate): $6,400, Appraisal Type (to be completed): As-is market value Value per Foot: $1, Zoning: Compliance: Residential Legal and Conforming Request: $1,300, Combined To Value: 58.0% Note Rate: 10.99% Investor Yield: 10.50% Term: 36 Months
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