Newport Beach, CA

This loan is a first deed of trust on a mixed-use commercial and residential property in Newport Beach, CA. Located along the Orange County coastline, Newport Beach is known for its scenic harbor, luxury real estate, desirable neighborhoods, and strong commercial and residential demand. The city offers convenient access to coastal amenities, upscale shopping and dining, and major employment centers throughout Orange County. The subject property, located at 421 31st Street, is a mixed-use building situated on an approximately 2,808-square-foot lot. Constructed in 1983, the property contains approximately 2,996 square feet of building area, consisting of two commercial units totaling approximately 1,016 square feet and one residential unit comprising approximately 1,984 square feet. Additional features include approximately 1,178 square feet of garage space with six garage parking spaces, hardwood flooring, and two full and two half bathrooms. The property has been extensively remodeled and is reported to be in good overall condition, with no significant deferred maintenance noted by the appraiser. The new loan amount is $2,796,000, representing a 70% loan-to-value ratio. Upon maturity, the Borrower intends to refinance into long-term conventional financing. The loan will have a maturity of 24 months.