La Jolla, CA

This loan is a second deed of trust on a single-family residence in La Jolla, CA. La Jolla is an affluent seaside community within San Diego, encompassing approximately seven miles of coastline along the Pacific Ocean and located roughly 12 miles north of Downtown San Diego. The community is known for its beaches, ocean bluffs, luxury residences, upscale shopping and dining, and strong educational and research presence. Major institutions in the area include the University of California, San Diego (UCSD), the Salk Institute, Scripps Institution of Oceanography, and Scripps Research Institute. The subject is a five-bedroom, 4.1-bathroom single-family residence containing approximately 4,057 square feet of living space on an 11,196-square-foot lot. Built in 1980 and fully remodeled in 2010, the home features tile, hardwood, and travertine flooring, dual-pane windows, two fireplaces, several skylights, a game room, office space, and a two-car garage. The kitchen includes granite countertops, a large center island, custom cabinetry, and built-in appliances, while the primary suite features a marble jetted tub, walk-in shower, dual vanities, and spacious walk-in closet. Situated on an elevated site, the property benefits from panoramic ocean, beach, coastline, and city-light views from multiple levels. Additional amenities include two large view decks, oversized picture windows, an outdoor BBQ bar, stone fireplace, and outdoor beach shower. The Borrower purchased the property in 2000 for $1,059,000 and has maintained it as his primary residence. The existing first deed of trust is held by OCMBc Inc. at a 6.375% interest rate, with an unpaid principal balance of approximately $2.29 million and maturity in April 2056. Following the new loan, the property will retain approximately $2.61 million in protective equity. The purpose of the loan is to provide cash out for business working capital. Before maturity, the Borrower intends to refinance the total debt and pay off the loan. The Borrower is a longtime real estate broker and investor and a repeat SO-CAL Capital client. He has operated his own business since 2005, specializing in bridge, rehabilitation, and construction loans. The business demonstrates strong cash flow, with approximately $76,435 in deposits during June. The Borrower has a FICO score of 736. The loan will have a maturity of 24 months.