Irvine, CA

This loan is a second deed of trust on a condominium in Irvine, CA. Located in Orange County, Irvine is a highly desirable master-planned community known for its established residential neighborhoods, highly rated schools, extensive parks, and strong local economy. The city offers convenient access to major employment centers, shopping, dining, and recreational amenities, including the Irvine Spectrum Center, Orange County Great Park, and the University of California, Irvine. Its thoughtfully planned communities and desirable location contribute to its continued residential appeal. The subject property, located at 115 Waterleaf, is a two-story condominium situated within the Cypress Village community. Originally constructed in 2016, the residence contains approximately 1,891 square feet of living area and features three bedrooms, two and one-half bathrooms, and an attached two-car garage. The home features Spanish-influenced architecture with a stucco exterior and tile roof. Interior amenities include wood and carpet flooring, central heating and air conditioning, and modern residential appliances. Additional features include an open patio and covered porch. Community amenities include swimming pools, spas, playgrounds, barbecue areas, and fitness facilities. The Borrower purchased the property in 2021 and has maintained it as an investment property since acquisition. The residence is currently leased for $5,540 per month through June 30, 2027. The existing first mortgage is held by PNC Bank, with a principal balance of approximately $679,097 and an interest rate of 3.625%. The purpose of the loan is to pay off existing business tax liens and provide additional cash out to assist with the acquisition of a pet hospital and expansion of the Borrower's veterinary practice. The Borrower intends to refinance into conventional long-term financing before maturity. The Borrower is a trust, with the Trustee operating an established veterinary practice. The business reported approximately $142,601 in deposits over the previous three months. The Trustee also owns a primary residence in Irvine with approximately $615,000 in equity and has a FICO score of 632. The loan will have a maturity of 24 months.