| Property / Loan Information | |
| Property Type | Land |
| Lien Position | 1st TD |
| Loan Amount | $150,000 |
| Appraised Value | $255,000 |
| Occup | Non-Owner Occ. |
| Interest Rate | 11.00% |
| LTV on AppraisedValue |
58.82% |
| Loan Type | Business Purpose Construction |
| Amortization | Interest Only Due in 24 months |
| Guaranteed Interest | 6 months |
Loan Scenario:
Real Estate Investor, General Contractor and previous borrower of Mortgage Vintage looking for a construction loan to build new SFR in Perris, CA. Borrower purchased the land in Feb 2015 for $49k. He plans to build a 3 bed, 2 baths, 1,432 s.f. SFR on the ½ acre conforming parcel. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.