Property / Loan Information
Property TypeSingle Family Residence
Lien Position1st TD
Loan Amount$60,000
Broker Price Opinion (BPO)$470,000
OccupNon Owner Occ.
Lender Rate9.00%
LTV on Appraisal12.77%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only Due in 24 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Previous successful Mortgage Vintage borrower seeking a business purpose cash out to make some cosmetic upgrades and repairs to rental property to improve marketability and increase rents.

Subject is a traditional 1-story, 5 bdrm/4ba Single Family Residence located in La Quinta, CA just east of Palm Desert and multiple country clubs.  The Property measures 3,121 sf of gross living area, and is situated on a 9,147 sf lot.  Property features granite kitchen counters, carpet and tile floors in the living areas, private gate, pool, spa and long driveway.

Mortgage Vintage, Inc. was able to fund this hard money loan in La Quinta, CA, within 3 business days from receiving the signed term sheet.