This loan is a first deed of trust on a commercial lot in San Diego, CA. The Borrower purchased the property in 2015 and had been renting it out to the car dealership next door for the past 4 years on a month to month basis. In January 2019, the Borrower signed a two-year lease with a tenant that owns an Automaxx in National City which is approximately 20 minutes away from the subject property. The tenant has been using the lot to park some of his auto inventory. He has plans to temporarily park a coach trailer on the lot and conduct automotive sales at the location. The purpose of the loan is to provide cash out for the Borrower to build a warehouse/office structure on the property, at which point the tenant will lease one of the offices and remove the trailer. The Borrower intends to list the property for sale immediately after the building is complete and expects to sell the property within 6-12 months. When he sells the property, he intends to transfer the lease along with the property. The Borrower previously did the same thing with the property next door and sold it for $470,000! The Borrower is the owner of a used car dealership in Oceanside, CA. After he sold the property next door, he invested that money into his corporation, and approximately $300,000 was spent on car inventory.
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Important Investment Disclosures:
Important investment disclosure. Your investment will be either directly or indirectly secured by real estate. You may receive a direct interest in a promissory note and deed of trust as a fractionalized interest as a tenant in common, as a single beneficiary, or, your investment may be in the form of a membership interest in a limited liability company formed for the specific purpose of funding a loan. Nothing in this announcement constitutes an offer to sell or a solicitation of an offer for investment. An offer is made only by the offering circular and material disclosure package. Past performance is not an indication of future results. We strongly recommend before making an investment decision that you thoroughly read the contents of the entire loan material disclosure package. You are encouraged to consult with your own tax and financial advisers before investing. Investments are NOT insured by any government agency and are NOT guaranteed. Investments offered through So-Cal Capital, Inc. are not liquid, not transferable, and involve substantial risk, including the possible loss of all principal.