June Lake, CA

This loan is a second deed of trust on a condominium in June Lake, CA. Located in Mono County along the eastern Sierra Nevada, June Lake is a scenic mountain community known for its alpine setting, pristine lakes, and year-round recreational opportunities. Situated approximately 20 miles north of Mammoth Lakes, the area offers convenient access to fishing, boating, hiking, skiing, and snowboarding. Its picturesque surroundings, small-town atmosphere, and proximity to June Mountain Ski Area contribute to its appeal as both a residential community and vacation destination. The subject property is an end-unit condominium located within the Edgewater development in June Lake. Originally constructed in 1985, the residence contains approximately 1,177 square feet of living area and features two bedrooms, two bathrooms, and a loft providing additional flexible living space. The property includes a covered deck, one garage parking space, and one additional open parking space. The residence has been well maintained, with improvements including remodeled kitchen and bathrooms, updated flooring, newer interior paint, and dual-pane windows. Interior amenities include luxury vinyl plank and carpet flooring, forced-air heating, and wood trim finishes. The development provides professionally maintained common areas through its homeowners' association. The Borrowers purchased the property in 2018 and have operated it as a short-term rental investment since acquisition. Over the previous 18 months, the property generated approximately $79,911 in rental income. The existing first mortgage is held by Rocket Mortgage, with a principal balance of approximately $216,396 and an interest rate of 3.199%. The purpose of the loan is to provide cash out to assist with another real estate investment. The Borrowers intend to repay the loan using proceeds from the sale of a separate investment property before maturity. The loan will have a maturity of 24 months.