A hard money ‘Fix-n-Flip’ loan  closed on an SFR in Rossmoor, CA 90720.

The loan provided Rehab funds to a seasoned real estate investor/flipper for a pending property flip of an SFR in probate. The subject property is located in a planned census-designated place called Rossmoor, an unincorporated area of Los Alamitos, in the county of Orange.

In the early 1950s, the growth of southern California and the need for housing became evident. Along came Ross Cortese, a young developer with a vision and the desire to build a large, exclusive community. This community of 3,500 homes was the largest yet to be built in Orange County. Cortese formed the Rossmoor Corporation in 1951, bought the land from the Fred Bixby Ranch Co., and began building in 1956. Rossmoor originally was announced as a subdivision of Los Alamitos. Later it was advertised as Long Beach’s smartest new suburb, even though Long Beach was in neighboring Los Angeles County.

Here are the loan details:

  • SFR – Detached
  • Purchase – Probate
  • Purpose – Fix-n-Flip
  • Loan-to-Value – 64%
  • First Trust Deed
  • 60 Month Term
  • Principal & Interest Payments
  • Orange County, CALIFORNIA
  • PRINCIPAL AMOUNT: $700,000.00

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