South Gate, CA

This loan is a second deed of trust on a single-family residence in South Gate, CA. Located in southeastern Los Angeles County, approximately seven miles from Downtown Los Angeles, South Gate is an established residential and commercial community known for its traditional neighborhoods, convenient transportation access, and proximity to major employment centers. The city benefits from connections to Interstate 710, Interstate 105, and Interstate 5, providing access throughout the greater Los Angeles metropolitan area. Residents also enjoy nearby shopping, dining, schools, parks, and neighborhood amenities. The subject property, located at 8954 Hildreth Avenue, is a two-story, traditional-style single-family residence situated on an approximately 3,846-square-foot lot. Originally constructed in 1978, the property contains approximately 2,088 square feet of living area and features five bedrooms, two full bathrooms, and one-half bathroom. The residence is described as being in good overall condition, with remodeled kitchen and bathrooms, ceramic and laminate-style flooring, vinyl windows, and central heating and air conditioning. Additional features include a stucco exterior, composition-shingle roof, covered porch, attached two-car garage, driveway parking, and block fencing. The Borrowers purchased the property in 2012 and currently maintain it as their primary residence. The existing first mortgage is held by Rocket Mortgage, with an outstanding principal balance of approximately $250,100 and an interest rate of 2.875%. Following the proposed financing, the property is expected to retain approximately $336,000 in equity. The purpose of the loan is to provide cash out to assist with the acquisition of an investment property in Los Angeles. The Borrowers intend to refinance the outstanding debt into a long-term loan before maturity. The loan will have a maturity of 24 months.