Los Angeles, CA

This loan is a first deed of trust on a single-family residence in Los Angeles, CA. Located along South Van Ness Avenue in the Gramercy Park neighborhood of South Los Angeles, the property is situated within an established residential community characterized by traditional California bungalows, Spanish-style residences, and ranch-style homes. The neighborhood offers convenient access to shopping, dining, parks, and recreational amenities, as well as major employment centers throughout Los Angeles, Inglewood, and the South Bay. The subject property is a single-story, traditional-style residence originally constructed in 1940 and situated on an approximately 7,000-square-foot lot. The home contains approximately 2,252 square feet of living area and features four bedrooms, three and one-half bathrooms, and a two-car attached garage. Additional amenities include a fireplace, covered front porch, covered patio, and balcony. The property offers a functional floor plan and larger-than-average living area for the surrounding neighborhood. At the time of appraisal, the property was undergoing an extensive renovation, with much of the interior removed in preparation for modernization. Planned improvements include the replacement and updating of interior finishes, cabinetry, flooring, plumbing fixtures, and other features throughout the residence. Upon completion, the renovations are expected to enhance the property's overall condition, functionality, and market appeal. The Borrower, a trust, inherited the property in 2025 through its Successor Trustees. The purpose of the loan is to refinance the existing lien and provide additional cash out to complete the renovation. Upon completion of the improvements, the Borrower intends to lease the property to a new tenant and refinance the loan. The Successor Trustees are employed in the hospitality and public sectors, with one having worked at JW Marriott since 2009 and the other employed by the City of Los Angeles. The trust maintains approximately $33,506 in available funds, and the Borrowers have FICO scores of 660 and 615. The loan will have a maturity of 12 months, with 12 months of prepaid interest.