The duplex has 2 units totaling 2,841 sq. ft. of living space with a 2/2 unit and 2/1.5 unit on 13,200 sq. ft. lot. The current rents total $5,500 per mo…nth.
The borrower has good credit (Fico mid-score of 692) and excellent job stability as an insurance broker. The gross rents also service all debt, taxes and insurance on the subject. He is paying off small business related debts to improve cash flow and financial circumstances.
The borrower is utilizing private money because conventional financing is not typically available for 2nd’s on rental properties. Pacific Private Money sourced private money and was able to fund this transaction.
The exit strategy is to conventionally refinance or sell the property.