Borrower was seeking a Business Purpose Cash-Out Refinance to make improvements to the property with an exit strategy of selling the property.
Subject has 2 detached, 1 story, single family residences. The two units were built at two different times. Unit one was built in 1933 and unit two was built in 1972. Unit one is a one bedroom 1 bathroom unit. Unit two is a two bedroom, one bathroom unit. The second unit has been fixed up more than the first unit. However, the property as a whole needs some cosmetic repair work. Unit one rents for $800 and unit two rents for $1,020.
Recent Transaction – $205,000 Business Purpose, Riverside, CA
Good credit borrower was seeking this Business Purpose Cash-Out Refi loan to make tenant improvements to this single tenant commercial mixed use property. Ownership of property is held in an LLC.
Subject consists of 3 contiguous land parcels which together total 1.18 acres. The 8551 Mission Blvd. building consists of an 8,960 sf industrial bldg. with 6 offices, 7 loading docks, 2 bathrooms, and 3 refrigeration units. The 8553 Mission Blvd. building consists of a SFR with 1,283 sf of living area with 3 bdrms and 2 bathrooms. The SFR is used as office space.
Recent Transaction – $130,000 Business Purpose, Riverside CA