Los Angeles, CA

This loan is a first deed of trust on a two-unit residential income property in Los Angeles, CA. Located in Southern California, Los Angeles is known for its diverse neighborhoods, strong rental demand, and extensive employment opportunities across entertainment, technology, healthcare, and professional services. The city offers convenient access to major freeways, public transportation, shopping, dining, and recreational amenities. The subject property, located at 343 E 111th Place, is a detached duplex situated on an approximately 3,265-square-foot lot. Originally constructed in 1924, the property contains approximately 816 square feet of living area, divided into two one-bedroom, one-bathroom units of approximately 408 square feet each. The property has undergone recent renovations and features updated flooring, interior finishes, vinyl windows, a covered porch, concrete driveway, and two-car garage. Both units are currently vacant while the Borrower completes renovations, with plans to lease them upon completion. The appraisal estimates market rental income of approximately $1,700 per unit, or $3,400 in total gross monthly rent. The property has an appraised value of $670,000. The new loan amount is $402,000, representing a 60% loan-to-value ratio. The loan will have a maturity of 36 months.