Recently Funded Hard Money Loan in Newport Beach, CA for $900,000

Recent Transaction – $900,000 Business Purpose Cash Out, Newport Beach, CA

Real estate investor and business owner was seeking a Business Purpose Cash-Out of this non-owner occupied investment property to invest back into his custom modular tent business, Creative Tent International.  Property is currently owned free and clear.  With projects in more than 60 countries, Creative Tent International provides custom tent solutions for special events, sports/recreation, aviation, military installations, disaster relief and many other commercial, industrial and hospitality businesses.

Subject property is a single-story, SFR sitting on a 6,098 sqft lot in a prime Newport Beach location.  The Property is an updated ranch style 2 bdrm/1 bath home with 1,078 sqft of livable space featuring a fireplace and patio.  The subject property is located just a few minutes from PCH, Newport Harbor/Marina and the beach.  Shopping, restaurants, schools, places of worship and medical facilities are all located nearby. Rental income on this property is $3,200/month.