43% LTV; Gift of Equity Refi of a Mixed-Use Prop. in L.A.
Our borrowers, with strong credit scores, used our low loan-to-value mortgage to consolidate the debt against the subject property and obtain title from their step mother, through a Gift of Equity, cash-in refinance.
The property generates a good cash flow with a 1.6x DSCR (Debt Service Coverage Ratio) based on our Promissory Note rate.
The subject consists of a single story multi-tenant building with approximately 2,154 total square feet. There are two street retail units (576 sqft.; 336 sqft.) and a rear residential unit of 1,056 sqft. The property incl. a storage room.