Beverly Hills, CA

This loan is a second deed of trust on a single-family residence in Beverly Hills, CA. Internationally recognized for its luxury residences, prestigious shopping districts, and upscale amenities, Beverly Hills is one of Southern California's most desirable residential communities. The city features tree-lined streets, distinctive architecture, and convenient access to major employment, entertainment, and business centers throughout Los Angeles, including Century City, Westwood, and West Hollywood. The subject property, located at 602 N. Crescent Drive, is a two-story Spanish Colonial-style residence situated in the highly desirable Beverly Hills Flats neighborhood. Originally constructed approximately 97 years ago, the property contains approximately 3,823 square feet of living area on a 14,641-square-foot lot. The home features four bedrooms, five bathrooms, hardwood and tile flooring, a fireplace, and central air conditioning. Additional amenities include a swimming pool, patio areas, and a detached three-car garage. A notable feature of the property is a detached 953-square-foot guest house situated above the garage. The guest house includes a spacious living area and bathroom, providing additional accommodations separate from the primary residence. The property also includes a partially finished basement of approximately 140 square feet, primarily utilized for storage and utility purposes. The Borrowers purchased the property in 1998 and currently maintain it as their primary residence. The existing first mortgage is held by Carrington Mortgage, with a principal balance of approximately $3.5 million and an interest rate of 6.249%. The purpose of the loan is to provide cash out for public relations, advertising, and business working capital. The Borrowers intend to repay the loan through the sale of the property or refinancing of the total debt before maturity. The loan will have a maturity of 24 months.