Good credit score and self-employed Borrower was seeking a business purpose cash out loan on an existing investment SFR property to start the development of the subdivision to eventually build homes. Borrower has owned both the SFR and the property to be developed for a number of years. Borrower is a well-respected architect. In addition, development project has been written up in the local newspaper.
Subject is a 1 story, 3 bdrm/2 ba Single Family Residence located in the desirable community of Pacific Palisades. Property boasts a guest house complete with kitchen, a large patio with pool/spa, outdoor kitchen with pizza oven, gated driveway, expansive space, and a vineyard.