Mission Viejo, CA

This loan is a second deed of trust on a single-family residence in Mission Viejo, CA. Mission Viejo is a well-established master-planned community in southern Orange County known for its residential neighborhoods, rolling hills, abundant parks, recreational amenities, and high quality of life. Centrally located between Los Angeles and San Diego, the city benefits from convenient access to Interstate 5, State Route 73, and State Route 241, providing connectivity to employment centers throughout Orange County. The community is predominantly residential, offering a mix of single-family homes, condominiums, townhomes, and luxury properties. One of the city’s defining amenities is Lake Mission Viejo, a private recreational lake offering boating, fishing, swimming, paddleboarding, concerts, and community events. The subject, located at 26451 Estanciero Drive, is a single-story detached residence situated within the established La Paz neighborhood. Built in 1966, the property contains approximately 1,666 square feet of living area on a 7,684-square-foot lot and features four bedrooms, two full bathrooms, and an attached two-car garage. Interior improvements include remodeled bathrooms, granite kitchen countertops, wood and tile flooring, crown molding, dual-pane windows, central heating and air conditioning, and an open living area with a fireplace. The property also features an interior laundry room and private backyard with an in-ground heated swimming pool and spa, mature landscaping, and generous patio space. The Borrowers purchased the property in 2020 and maintain it as their primary residence. The existing first deed of trust is held by Chase at a 2.99% interest rate, with an unpaid principal balance of approximately $574,687 and maturity in September 2050. Following the new loan, the property will retain approximately $516,000 in protective equity. The purpose of the loan is to pay off the existing second lien, which was originally used to purchase a liquor license for the Borrowers’ restaurant, and provide additional cash out for business working capital and marketing. Prior to maturity, the Borrowers intend to refinance the total debt into a long-term loan. The Borrowers are a married couple and self-employed restaurant owners who have operated a Mediterranean restaurant in Lake Forest for the past nine years. Their business demonstrates consistent cash flow, with approximately $353,183 in deposits over the past four months. The Borrowers have FICO scores of 745. The loan will have a maturity of 24 months.